Jefferies Group began coverage on shares of Installed Building Products (NYSE:IBP) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set a “hold” rating and a $69.00 price target on the construction company’s stock. Jefferies Group’s price objective points to a potential downside of 5.28% from the company’s current price.
A number of other research analysts also recently commented on IBP. KeyCorp reaffirmed a “hold” rating on shares of Installed Building Products in a research note on Tuesday, September 26th. Deutsche Bank upped their price objective on shares of Installed Building Products from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, August 21st. Zacks Investment Research raised shares of Installed Building Products from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 24th. Credit Suisse Group set a $73.00 price objective on shares of Installed Building Products and gave the company an “outperform” rating in a research note on Tuesday, October 17th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $69.00 price objective on shares of Installed Building Products in a research note on Monday, October 16th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $67.43.
Shares of Installed Building Products (NYSE IBP) traded up $1.75 during mid-day trading on Tuesday, reaching $72.85. 374,760 shares of the company traded hands, compared to its average volume of 191,563. Installed Building Products has a 12-month low of $39.95 and a 12-month high of $79.40. The firm has a market cap of $2,322.81, a P/E ratio of 55.65 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.
In other news, Director J Michael Nixon sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $73.57, for a total transaction of $3,678,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Thomas Miller sold 36,908 shares of the business’s stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $60.01, for a total value of $2,214,849.08. Following the sale, the vice president now owns 32,086 shares of the company’s stock, valued at approximately $1,925,480.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 413,781 shares of company stock valued at $28,617,254. Corporate insiders own 32.90% of the company’s stock.
Several large investors have recently modified their holdings of the company. Alps Advisors Inc. grew its holdings in shares of Installed Building Products by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 9,664 shares of the construction company’s stock worth $512,000 after purchasing an additional 25 shares during the period. Pinebridge Investments L.P. grew its holdings in shares of Installed Building Products by 1.3% during the 2nd quarter. Pinebridge Investments L.P. now owns 2,644 shares of the construction company’s stock worth $140,000 after purchasing an additional 34 shares during the period. Arizona State Retirement System grew its holdings in shares of Installed Building Products by 1.0% during the 2nd quarter. Arizona State Retirement System now owns 10,500 shares of the construction company’s stock worth $556,000 after purchasing an additional 100 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in shares of Installed Building Products by 6.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,421 shares of the construction company’s stock worth $128,000 after purchasing an additional 155 shares during the period. Finally, Texas Permanent School Fund grew its holdings in shares of Installed Building Products by 1.1% during the 2nd quarter. Texas Permanent School Fund now owns 14,653 shares of the construction company’s stock worth $776,000 after purchasing an additional 164 shares during the period. Institutional investors and hedge funds own 65.91% of the company’s stock.
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Installed Building Products Company Profile
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.
