Zacks: Brokerages Expect Installed Building Products, Inc. (IBP) Will Announce Quarterly Sales of $303.19 Million

Equities analysts expect that Installed Building Products, Inc. (NYSE:IBP) will report sales of $303.89 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Installed Building Products’ earnings, with the lowest sales estimate coming in at $296.50 million and the highest estimate coming in at $309.93 million. Installed Building Products reported sales of $233.98 million during the same quarter last year, which would suggest a positive year over year growth rate of 29.9%. The firm is scheduled to report its next earnings results on Monday, February 26th.

According to Zacks, analysts expect that Installed Building Products will report full year sales of $303.89 million for the current year, with estimates ranging from $1.13 billion to $1.14 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.28 billion per share, with estimates ranging from $1.27 billion to $1.31 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Installed Building Products.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings results on Friday, November 3rd. The construction company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.07). The firm had revenue of $295.20 million during the quarter, compared to the consensus estimate of $292.51 million. Installed Building Products had a return on equity of 23.40% and a net margin of 3.88%. The firm’s revenue was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS.

Several research analysts have issued reports on the company. Jefferies Group assumed coverage on Installed Building Products in a report on Tuesday. They issued a “hold” rating and a $69.00 price target on the stock. SunTrust Banks reiterated a “buy” rating and issued a $65.00 price target on shares of Installed Building Products in a report on Friday, November 3rd. KeyCorp reiterated a “hold” rating on shares of Installed Building Products in a report on Wednesday, November 1st. Zacks Investment Research lowered Installed Building Products from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Finally, Credit Suisse Group set a $73.00 price target on Installed Building Products and gave the stock an “outperform” rating in a report on Tuesday, October 17th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Installed Building Products currently has a consensus rating of “Buy” and an average price target of $67.43.

Installed Building Products (NYSE:IBP) opened at $68.90 on Thursday. The stock has a market capitalization of $2,224.01, a P/E ratio of 53.28 and a beta of 0.87. The company has a quick ratio of 1.93, a current ratio of 2.22 and a debt-to-equity ratio of 1.70. Installed Building Products has a fifty-two week low of $39.95 and a fifty-two week high of $79.40.

In other news, CEO Jeffrey W. Edwards sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $74.25, for a total value of $14,850,000.00. Following the transaction, the chief executive officer now owns 504,800 shares in the company, valued at $37,481,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J Michael Nixon sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. The disclosure for this sale can be found here. Insiders sold 413,781 shares of company stock worth $28,617,254 in the last 90 days. Corporate insiders own 32.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Installed Building Products by 3.1% during the second quarter. BlackRock Inc. now owns 2,829,787 shares of the construction company’s stock worth $149,836,000 after acquiring an additional 84,555 shares during the period. Wasatch Advisors Inc. lifted its holdings in Installed Building Products by 3.9% during the second quarter. Wasatch Advisors Inc. now owns 1,104,994 shares of the construction company’s stock worth $58,509,000 after acquiring an additional 41,236 shares during the period. Vanguard Group Inc. lifted its holdings in Installed Building Products by 3.7% during the second quarter. Vanguard Group Inc. now owns 1,046,278 shares of the construction company’s stock worth $55,400,000 after acquiring an additional 37,019 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Installed Building Products by 5.3% during the third quarter. Dimensional Fund Advisors LP now owns 852,519 shares of the construction company’s stock worth $55,243,000 after acquiring an additional 42,938 shares during the period. Finally, State Street Corp lifted its holdings in Installed Building Products by 7.2% during the second quarter. State Street Corp now owns 584,897 shares of the construction company’s stock worth $30,963,000 after acquiring an additional 39,302 shares during the period. Institutional investors and hedge funds own 65.91% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Zacks: Brokerages Expect Installed Building Products, Inc. (IBP) Will Announce Quarterly Sales of $303.19 Million” was first reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another website, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this piece can be read at https://www.americanbankingnews.com/2017/12/14/zacks-brokerages-expect-installed-building-products-inc-ibp-will-announce-quarterly-sales-of-303-19-million.html.

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.

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

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.

Leave a Reply