Zacks: Brokerages Expect Installed Building Products, Inc. (NYSE:IBP) Will Announce Quarterly Sales of $272.84 Million
Equities analysts expect Installed Building Products, Inc. (NYSE:IBP) to report sales of $272.84 million for the current quarter, according to Zacks. Four analysts have issued estimates for Installed Building Products’ earnings, with the highest sales estimate coming in at $279.10 million and the lowest estimate coming in at $268.60 million. Installed Building Products posted sales of $211.91 million in the same quarter last year, which indicates a positive year over year growth rate of 28.8%. The company is scheduled to announce its next earnings report on Friday, August 4th.
According to Zacks, analysts expect that Installed Building Products will report full-year sales of $272.84 million for the current fiscal year, with estimates ranging from $1.09 billion to $1.15 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.23 billion per share, with estimates ranging from $1.19 billion to $1.31 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Installed Building Products.
Installed Building Products (NYSE:IBP) last released its earnings results on Friday, May 5th. The construction company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.03. The company had revenue of $255.70 million for the quarter, compared to analysts’ expectations of $236.19 million. Installed Building Products had a return on equity of 26.42% and a net margin of 4.21%. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 EPS.
IBP has been the topic of a number of recent research reports. Royal Bank Of Canada increased their target price on Installed Building Products from $53.00 to $61.00 and gave the company an “outperform” rating in a report on Monday, May 8th. Seaport Global Securities increased their target price on Installed Building Products from $55.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 8th. Zacks Investment Research cut Installed Building Products from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 11th. BidaskClub upgraded Installed Building Products from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Credit Suisse Group assumed coverage on Installed Building Products in a research report on Thursday, June 22nd. They issued an “outperform” rating and a $61.00 price target for the company. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Installed Building Products currently has an average rating of “Buy” and a consensus price target of $52.80.
In related news, COO Jay P. Elliott sold 4,765 shares of the stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $53.00, for a total transaction of $252,545.00. Following the completion of the sale, the chief operating officer now owns 62,409 shares in the company, valued at $3,307,677. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jay P. Elliott sold 2,500 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $52.90, for a total value of $132,250.00. Following the sale, the chief operating officer now owns 53,812 shares of the company’s stock, valued at approximately $2,846,654.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 609,463 shares of company stock valued at $31,999,091. Company insiders own 32.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in IBP. State of Alaska Department of Revenue boosted 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. acquired a new stake in Installed Building Products during the first quarter valued at about $120,000. Highbridge Capital Management LLC acquired a new stake in Installed Building Products during the first quarter valued at about $224,000. State Board of Administration of Florida Retirement System acquired a new stake in Installed Building Products during the fourth quarter valued at about $226,000. Finally, LS Investment Advisors LLC boosted 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. Hedge funds and other institutional investors own 64.52% of the company’s stock.
Shares of Installed Building Products (IBP) traded up 0.77% during midday trading on Friday, reaching $52.40. The company had a trading volume of 20,831 shares. The company’s 50-day moving average is $51.04 and its 200-day moving average is $47.50. The stock has a market capitalization of $1.66 billion, a PE ratio of 42.29 and a beta of 0.82. Installed Building Products has a 1-year low of $30.16 and a 1-year high of $55.45.
About Installed Building Products
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.
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