Bank of New York Mellon Corp Reduces Holdings in Installed Building Products Inc (IBP)

Bank of New York Mellon Corp reduced its position in Installed Building Products Inc (NYSE:IBP) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 339,554 shares of the construction company’s stock after selling 1,112 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.07% of Installed Building Products worth $19,202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB bought a new position in shares of Installed Building Products during the 2nd quarter valued at approximately $219,000. Amalgamated Bank bought a new position in shares of Installed Building Products during the 2nd quarter valued at approximately $202,000. Alps Advisors Inc. bought a new position in shares of Installed Building Products during the 2nd quarter valued at approximately $614,000. Montag A & Associates Inc. grew its position in shares of Installed Building Products by 25.3% during the 2nd quarter. Montag A & Associates Inc. now owns 34,633 shares of the construction company’s stock valued at $1,958,000 after acquiring an additional 7,000 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Installed Building Products during the 2nd quarter valued at approximately $249,000. 68.30% of the stock is owned by institutional investors.

In related news, CEO Jeffrey W. Edwards sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $34.11, for a total transaction of $5,116,500.00. Following the sale, the chief executive officer now directly owns 300,159 shares in the company, valued at approximately $10,238,423.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 31.10% of the company’s stock.

Shares of IBP stock opened at $38.73 on Friday. The company has a market cap of $1.21 billion, a P/E ratio of 32.55, a price-to-earnings-growth ratio of 1.23 and a beta of 1.08. The company has a debt-to-equity ratio of 2.04, a quick ratio of 2.30 and a current ratio of 2.59. Installed Building Products Inc has a 12 month low of $29.24 and a 12 month high of $79.40.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings results on Thursday, November 1st. The construction company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.07). The business had revenue of $349.00 million for the quarter, compared to analysts’ expectations of $346.39 million. Installed Building Products had a net margin of 3.82% and a return on equity of 29.03%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. As a group, research analysts forecast that Installed Building Products Inc will post 2.51 EPS for the current year.

A number of research firms have recently weighed in on IBP. Nomura reduced their target price on shares of Installed Building Products from $58.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Seaport Global Securities downgraded shares of Installed Building Products from a “buy” rating to a “neutral” rating and set a $37.00 target price for the company. in a research report on Friday, November 2nd. Credit Suisse Group set a $38.00 target price on shares of Installed Building Products and gave the company a “hold” rating in a research report on Friday, November 2nd. Royal Bank of Canada set a $46.00 target price on shares of Installed Building Products and gave the company a “buy” rating in a research report on Friday, November 2nd. Finally, ValuEngine downgraded shares of Installed Building Products from a “sell” rating to a “strong sell” rating in a research report on Friday, September 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $52.70.

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Installed Building Products Company Profile

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

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Institutional Ownership by Quarter for Installed Building Products (NYSE:IBP)

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