Installed Building Products, Inc. (IBP) Posts Earnings Results, Misses Estimates By $0.07 EPS
Installed Building Products, Inc. (NYSE:IBP) released its quarterly earnings results on Friday. The construction company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.07), Bloomberg Earnings reports. The firm had revenue of $295.20 million for the quarter, compared to analysts’ expectations of $292.51 million. Installed Building Products had a net margin of 4.11% and a return on equity of 25.27%. The firm’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share.
Shares of Installed Building Products (IBP) traded down $4.50 during trading hours on Friday, reaching $64.85. 320,379 shares of the company traded hands, compared to its average volume of 118,900. The company has a market cap of $2.14 billion, a PE ratio of 51.65 and a beta of 0.84.
In other Installed Building Products news, COO Jay P. Elliott sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $64.61, for a total transaction of $161,525.00. Following the transaction, the chief operating officer now owns 51,312 shares of the company’s stock, valued at $3,315,268.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Margot Lebenberg Carter sold 1,717 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $59.50, for a total value of $102,161.50. Following the transaction, the director now directly owns 4,654 shares in the company, valued at approximately $276,913. The disclosure for this sale can be found here. Insiders have sold 168,459 shares of company stock worth $10,366,576 in the last quarter. 32.90% of the stock is currently owned by corporate insiders.
A number of research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Installed Building Products from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 10th. BidaskClub upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. KeyCorp restated a “hold” rating on shares of Installed Building Products in a research report on Wednesday. Royal Bank Of Canada restated a “buy” rating and set a $69.00 price target on shares of Installed Building Products in a research report on Monday, October 16th. Finally, Credit Suisse Group set a $73.00 price target on shares of Installed Building Products and gave the company an “outperform” rating in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $67.60.
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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