Rhumbline Advisers boosted its stake in Installed Building Products Inc (NYSE:IBP) by 16.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,167 shares of the construction company’s stock after purchasing an additional 6,811 shares during the quarter. Rhumbline Advisers owned about 0.15% of Installed Building Products worth $3,658,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its holdings in Installed Building Products by 224.3% in the fourth quarter. Arizona State Retirement System now owns 35,344 shares of the construction company’s stock valued at $2,684,000 after purchasing an additional 24,444 shares during the period. Pinebridge Investments L.P. grew its holdings in Installed Building Products by 219.6% in the fourth quarter. Pinebridge Investments L.P. now owns 8,344 shares of the construction company’s stock valued at $634,000 after purchasing an additional 5,733 shares during the period. Wells Fargo & Company MN grew its holdings in Installed Building Products by 9.8% in the fourth quarter. Wells Fargo & Company MN now owns 45,061 shares of the construction company’s stock valued at $3,422,000 after purchasing an additional 4,031 shares during the period. First Trust Advisors LP grew its holdings in Installed Building Products by 7.4% in the fourth quarter. First Trust Advisors LP now owns 46,472 shares of the construction company’s stock valued at $3,530,000 after purchasing an additional 3,222 shares during the period. Finally, Swiss National Bank grew its holdings in Installed Building Products by 2.7% in the fourth quarter. Swiss National Bank now owns 38,033 shares of the construction company’s stock valued at $2,889,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 68.24% of the company’s stock.
A number of equities research analysts recently issued reports on IBP shares. Zacks Investment Research upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a report on Wednesday. Royal Bank of Canada set a $71.00 target price on shares of Installed Building Products and gave the company a “buy” rating in a report on Thursday, March 1st. Stephens set a $71.00 target price on shares of Installed Building Products and gave the company a “buy” rating in a report on Thursday, March 1st. Zelman & Associates upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a report on Friday, February 16th. Finally, Instinet initiated coverage on shares of Installed Building Products in a research note on Tuesday. They set a “buy” rating and a $77.00 price objective for the company. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $70.70.
Installed Building Products (NYSE:IBP) last released its quarterly earnings data on Wednesday, February 28th. The construction company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.20). Installed Building Products had a return on equity of 19.75% and a net margin of 3.63%. The business had revenue of $299.87 million for the quarter, compared to analysts’ expectations of $302.02 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Installed Building Products’s quarterly revenue was up 28.2% compared to the same quarter last year. sell-side analysts predict that Installed Building Products Inc will post 2.13 EPS for the current year.
Installed Building Products declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 28th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other news, COO Jay P. Elliott sold 3,000 shares of the company’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $73.50, for a total value of $220,500.00. Following the completion of the transaction, the chief operating officer now directly owns 48,312 shares in the company, valued at $3,550,932. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Michael Nixon sold 20,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $74.50, for a total transaction of $1,490,000.00. The disclosure for this sale can be found here. 32.90% of the stock is owned by insiders.
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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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