Installed Building Products (NYSE:IBP) Upgraded by Zacks Investment Research to “Strong-Buy”

Zacks Investment Research upgraded shares of Installed Building Products (NYSE:IBP) from a hold rating to a strong-buy rating in a report released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $81.00 price objective on the construction company’s stock.

According to Zacks, “Installed Building Products, Inc. operates as a residential insulation installer in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors. It serves homebuilders, multi-family and commercial builders, individual homeowners, and repair and remodeling contractors. Installed Building Products, Inc. is headquartered in Columbus, Ohio. “

Other equities research analysts have also issued reports about the stock. ValuEngine upgraded shares of Installed Building Products from a sell rating to a hold rating in a report on Thursday, October 17th. Nomura raised their price objective on shares of Installed Building Products from $61.00 to $65.00 and gave the company a neutral rating in a report on Monday, November 4th. SunTrust Banks raised their price objective on shares of Installed Building Products to $71.00 and gave the company a hold rating in a report on Monday, November 4th. Finally, Stephens raised their price objective on shares of Installed Building Products from $61.00 to $71.00 and gave the company an equal weight rating in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Hold and an average price target of $58.18.

Shares of IBP traded up $0.28 during midday trading on Thursday, reaching $69.47. The stock had a trading volume of 119,863 shares, compared to its average volume of 204,184. Installed Building Products has a 1-year low of $30.54 and a 1-year high of $76.60. The company’s fifty day simple moving average is $62.58 and its two-hundred day simple moving average is $56.68. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 1.49 and a beta of 1.17. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.69 and a quick ratio of 1.85.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings data on Friday, November 1st. The construction company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.13. Installed Building Products had a net margin of 4.47% and a return on equity of 45.94%. The business had revenue of $396.40 million for the quarter, compared to analyst estimates of $385.46 million. During the same period last year, the business earned $0.72 EPS. The company’s revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts forecast that Installed Building Products will post 3.03 earnings per share for the current year.

In related news, COO Jay P. Elliott sold 20,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $70.83, for a total value of $1,416,600.00. Following the transaction, the chief operating officer now directly owns 23,529 shares of the company’s stock, valued at approximately $1,666,559.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vikas Verma sold 10,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $67.00, for a total transaction of $670,000.00. Following the completion of the transaction, the director now directly owns 81,935 shares in the company, valued at $5,489,645. The disclosure for this sale can be found here. Insiders sold a total of 70,000 shares of company stock worth $4,532,760 over the last ninety days. Insiders own 25.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in shares of Installed Building Products by 2.1% in the 2nd quarter. BlackRock Inc. now owns 3,398,152 shares of the construction company’s stock valued at $201,240,000 after buying an additional 69,177 shares during the last quarter. Bamco Inc. NY grew its position in Installed Building Products by 9.1% during the 2nd quarter. Bamco Inc. NY now owns 1,636,712 shares of the construction company’s stock worth $96,926,000 after purchasing an additional 136,712 shares during the last quarter. Northern Trust Corp grew its position in Installed Building Products by 1.8% during the 2nd quarter. Northern Trust Corp now owns 295,882 shares of the construction company’s stock worth $17,521,000 after purchasing an additional 5,259 shares during the last quarter. Bank of New York Mellon Corp grew its position in Installed Building Products by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 264,054 shares of the construction company’s stock worth $15,637,000 after purchasing an additional 5,351 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Installed Building Products by 58.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 192,479 shares of the construction company’s stock worth $11,399,000 after purchasing an additional 71,120 shares during the last quarter. 68.60% of the stock is currently owned by hedge funds and other institutional investors.

About Installed Building Products

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. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.

Read More: Different Options Trading Strategies

Get a free copy of the Zacks research report on Installed Building Products (IBP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Installed Building Products (NYSE:IBP)

Receive News & Ratings for Installed Building Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Installed Building Products and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit