Mackenzie Financial Corp Takes Position in Installed Building Products, Inc. (NYSE:IBP)

Mackenzie Financial Corp purchased a new stake in Installed Building Products, Inc. (NYSE:IBP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,508 shares of the construction company’s stock, valued at approximately $276,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IBP. Exchange Traded Concepts LLC acquired a new stake in shares of Installed Building Products in the third quarter valued at approximately $247,000. Raymond James & Associates raised its position in Installed Building Products by 6.6% during the third quarter. Raymond James & Associates now owns 27,899 shares of the construction company’s stock valued at $3,484,000 after purchasing an additional 1,726 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Installed Building Products by 55.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,125 shares of the construction company’s stock valued at $1,015,000 after purchasing an additional 2,913 shares in the last quarter. Shaker Investments LLC OH raised its position in Installed Building Products by 1.2% during the third quarter. Shaker Investments LLC OH now owns 10,599 shares of the construction company’s stock valued at $1,324,000 after purchasing an additional 122 shares in the last quarter. Finally, Strs Ohio raised its position in Installed Building Products by 40.0% during the third quarter. Strs Ohio now owns 1,400 shares of the construction company’s stock valued at $174,000 after purchasing an additional 400 shares in the last quarter. 99.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Loop Capital raised shares of Installed Building Products from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. Truist Financial boosted their target price on shares of Installed Building Products from $200.00 to $235.00 and gave the stock a “hold” rating in a research note on Friday, February 23rd. DA Davidson assumed coverage on shares of Installed Building Products in a research note on Tuesday, March 5th. They set a “buy” rating and a $275.00 target price on the stock. StockNews.com raised shares of Installed Building Products from a “hold” rating to a “buy” rating in a research note on Friday, February 16th. Finally, Royal Bank of Canada boosted their target price on shares of Installed Building Products from $188.00 to $216.00 and gave the stock a “sector perform” rating in a research note on Friday, February 23rd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Installed Building Products currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.40.

Insider Activity at Installed Building Products

In other news, COO Brad A. Wheeler sold 1,119 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $244.22, for a total transaction of $273,282.18. Following the transaction, the chief operating officer now owns 6,679 shares in the company, valued at $1,631,145.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Installed Building Products news, CFO Michael Thomas Miller sold 5,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $243.34, for a total value of $1,216,700.00. Following the completion of the sale, the chief financial officer now directly owns 38,320 shares of the company’s stock, valued at approximately $9,324,788.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brad A. Wheeler sold 1,119 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $244.22, for a total transaction of $273,282.18. Following the transaction, the chief operating officer now directly owns 6,679 shares of the company’s stock, valued at $1,631,145.38. The disclosure for this sale can be found here. Insiders have sold a total of 6,619 shares of company stock worth $1,606,732 over the last quarter. Company insiders own 16.50% of the company’s stock.

Installed Building Products Stock Performance

Shares of Installed Building Products stock opened at $239.66 on Monday. The company has a quick ratio of 2.62, a current ratio of 3.09 and a debt-to-equity ratio of 1.26. Installed Building Products, Inc. has a twelve month low of $103.50 and a twelve month high of $263.76. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 27.84 and a beta of 1.89. The company’s fifty day moving average is $239.93 and its 200 day moving average is $189.63.

Installed Building Products (NYSE:IBP) last issued its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.03. The company had revenue of $720.70 million for the quarter, compared to analysts’ expectations of $688.59 million. Installed Building Products had a net margin of 8.77% and a return on equity of 47.18%. Installed Building Products’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.34 earnings per share. Sell-side analysts forecast that Installed Building Products, Inc. will post 11.2 EPS for the current year.

Installed Building Products Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, March 31st. Investors of record on Friday, March 15th were issued a $1.60 dividend. This is a positive change from Installed Building Products’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.40 annualized dividend and a yield of 2.67%. Installed Building Products’s payout ratio is presently 16.26%.

Installed Building Products Profile

Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.