Credit Suisse Group Initiates Coverage on Installed Building Products, Inc. (IBP)
Analysts at Credit Suisse Group assumed coverage on shares of Installed Building Products, Inc. (NYSE:IBP) in a report issued on Thursday, The Fly reports. The firm set an “outperform” rating on the construction company’s stock.
A number of other equities research analysts have also commented on IBP. BidaskClub upgraded Installed Building Products from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Royal Bank Of Canada reiterated a “buy” rating and issued a $61.00 target price on shares of Installed Building Products in a research report on Monday. Seaport Global Securities upped their target price on Installed Building Products from $55.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 8th. Finally, Zacks Investment Research lowered Installed Building Products from a “hold” rating to a “sell” rating in a research report on Wednesday, March 1st. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Installed Building Products presently has a consensus rating of “Buy” and an average price target of $50.75.
Installed Building Products (NYSE:IBP) last issued its earnings results on Friday, May 5th. The construction company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.03. The firm had revenue of $255.70 million for the quarter, compared to analyst estimates of $236.19 million. Installed Building Products had a return on equity of 26.42% and a net margin of 4.21%. Installed Building Products’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 earnings per share.
In related news, COO Jay P. Elliott sold 4,765 shares of the company’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $53.00, for a total value of $252,545.00. Following the sale, the chief operating officer now owns 62,409 shares in the company, valued at $3,307,677. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jay P. Elliott sold 2,735 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $52.50, for a total value of $143,587.50. Following the completion of the sale, the chief operating officer now owns 54,336 shares in the company, valued at approximately $2,852,640. The disclosure for this sale can be found here. In the last quarter, insiders sold 609,698 shares of company stock worth $32,010,429. 32.90% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its stake in Installed Building Products by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 2,210 shares of the construction company’s stock valued at $116,000 after buying an additional 60 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Installed Building Products during the first quarter valued at approximately $120,000. Highbridge Capital Management LLC bought a new stake in Installed Building Products during the first quarter valued at approximately $224,000. LS Investment Advisors LLC raised its stake in Installed Building Products by 508.7% in the first quarter. LS Investment Advisors LLC now owns 4,535 shares of the construction company’s stock valued at $239,000 after buying an additional 3,790 shares in the last quarter. Finally, Budros Ruhlin & Roe Inc. bought a new stake in Installed Building Products during the first quarter valued at approximately $240,000. Hedge funds and other institutional investors own 64.52% of the company’s stock.
Installed Building Products Company Profile
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Company’s national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement the insulation installation business.
Receive News & Ratings for Installed Building Products Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Installed Building Products Inc. and related companies with MarketBeat.com's FREE daily email newsletter.