Installed Building Products (NYSE:IBP) Downgraded to Hold at Zelman & Associates

Zelman & Associates downgraded shares of Installed Building Products (NYSE:IBP – Get Rating) from a buy rating to a hold rating in a research report released on Friday morning, The Fly reports.

Several other analysts have also commented on IBP. Truist Financial dropped their target price on Installed Building Products from $135.00 to $100.00 in a report on Friday, May 6th. BTIG Research lowered Installed Building Products from a buy rating to a neutral rating in a report on Friday. JPMorgan Chase & Co. dropped their target price on Installed Building Products from $101.00 to $88.00 and set a neutral rating on the stock in a report on Wednesday, April 20th. The Goldman Sachs Group dropped their price objective on Installed Building Products from $105.00 to $90.00 and set a neutral rating on the stock in a report on Thursday, June 23rd. Finally, Royal Bank of Canada lowered Installed Building Products from a sector perform rating to an underperform rating and decreased their target price for the company from $91.00 to $71.00 in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $106.00.

Installed Building Products Stock Down 5.3 %

Shares of IBP stock opened at $98.94 on Friday. The stock’s 50-day simple moving average is $90.49 and its 200-day simple moving average is $92.93. The company has a debt-to-equity ratio of 2.08, a quick ratio of 2.08 and a current ratio of 2.25. The firm has a market capitalization of $2.90 billion, a PE ratio of 18.39 and a beta of 1.79. Installed Building Products has a fifty-two week low of $69.44 and a fifty-two week high of $141.43.

Installed Building Products (NYSE:IBP – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The construction company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.54. The business had revenue of $676.70 million for the quarter, compared to analyst estimates of $611.12 million. Installed Building Products had a return on equity of 50.89% and a net margin of 6.85%. The company’s revenue was up 38.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.59 earnings per share. Equities analysts expect that Installed Building Products will post 7.16 earnings per share for the current year.

Installed Building Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a $0.315 dividend. This represents a $1.26 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Wednesday, September 14th. Installed Building Products’s dividend payout ratio (DPR) is 23.42%.

Institutional Investors Weigh In On Installed Building Products

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its position in shares of Installed Building Products by 55.1% in the fourth quarter. Bank of America Corp DE now owns 85,399 shares of the construction company’s stock valued at $11,932,000 after buying an additional 30,346 shares during the last quarter. Yousif Capital Management LLC acquired a new stake in shares of Installed Building Products in the fourth quarter valued at about $3,140,000. Covestor Ltd acquired a new stake in shares of Installed Building Products in the fourth quarter valued at about $38,000. Fisher Asset Management LLC raised its position in shares of Installed Building Products by 29.7% in the fourth quarter. Fisher Asset Management LLC now owns 36,774 shares of the construction company’s stock valued at $5,138,000 after buying an additional 8,428 shares during the last quarter. Finally, Radnor Capital Management LLC increased its position in Installed Building Products by 31.6% during the first quarter. Radnor Capital Management LLC now owns 5,480 shares of the construction company’s stock worth $463,000 after purchasing an additional 1,315 shares during the last quarter. 98.94% of the stock is currently owned by institutional investors and hedge funds.

About Installed Building Products

(Get Rating)

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the continental United States. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.