271,573 Shares in Installed Building Products, Inc. $IBP Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 271,573 shares of Installed Building Products worth approximately $62.4 million, giving it a 1.02% stake. Institutional investors collectively own 99.61% of the company.
• Analysts maintain a broadly cautious outlook, with an average rating of “Hold” and an average price target of $247.55; ratings include two Buys, ten Holds and one Sell.
• Installed Building Products exceeded quarterly expectations, reporting $2.91 in adjusted EPS and $777.8 million in revenue. The company also declared a quarterly dividend of $0.39 per share, representing a 0.8% annualized yield.

Bank of America Corp DE bought a new position in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 271,573 shares of the construction company's stock, valued at approximately $62,418,000. Bank of America Corp DE owned about 1.02% of Installed Building Products at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of IBP. BlackRock Inc. acquired a new position in Installed Building Products in the second quarter valued at approximately $1,055,034,000. Paralel Advisors LLC purchased a new position in Installed Building Products during the second quarter worth about $37,924,000. Bank of New York Mellon Corp purchased a new position in Installed Building Products during the second quarter worth about $37,771,000. Norges Bank purchased a new stake in Installed Building Products in the fourth quarter valued at approximately $32,359,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Installed Building Products by 52.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 355,211 shares of the construction company's stock valued at $92,138,000 after buying an additional 122,561 shares in the last quarter. Institutional investors and hedge funds own 99.61% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. DA Davidson raised their price objective on shares of Installed Building Products from $242.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Stifel Nicolaus began coverage on shares of Installed Building Products in a report on Monday, September 14th. They set a "buy" rating and a $240.00 price target for the company. Evercore set a $246.00 price objective on shares of Installed Building Products in a research report on Friday, August 7th. Wells Fargo & Company reduced their price objective on shares of Installed Building Products from $245.00 to $240.00 and set an "equal weight" rating on the stock in a report on Friday, September 11th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Installed Building Products in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $247.55.

Installed Building Products Trading Down 0.8%

Shares of IBP stock opened at $197.51 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 1.62. The business's 50 day moving average is $230.74 and its two-hundred day moving average is $243.24. Installed Building Products, Inc. has a twelve month low of $193.11 and a twelve month high of $349.00. The company has a market capitalization of $5.25 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 3.68 and a beta of 1.71.

Installed Building Products (NYSE:IBP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The construction company reported $2.91 EPS for the quarter, topping analysts' consensus estimates of $2.55 by $0.36. The company had revenue of $777.80 million during the quarter, compared to the consensus estimate of $743.33 million. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. Installed Building Products's quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.95 EPS. Equities analysts forecast that Installed Building Products, Inc. will post 9.89 EPS for the current year.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.8%. Installed Building Products's payout ratio is 16.79%.

Insiders Place Their Bets

In related news, Director Janet Jackson sold 1,086 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total value of $257,447.16. Following the sale, the director directly owned 5,142 shares of the company's stock, valued at approximately $1,218,962.52. This represents a 17.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.80% of the company's stock.

Installed Building Products Profile

Installed Building Products, Inc NYSE: IBP is a Columbus, Ohio-based installer of insulation and complementary building products. The company serves residential, commercial and industrial construction markets, with a primary focus on installation services rather than manufacturing.

Its offerings include fiberglass, cellulose and spray foam insulation, as well as related products and services such as fireproofing, garage doors, rain gutters, closet shelving, shower doors and mirrors. Installed Building Products works with builders, contractors and homeowners on new construction, repair and remodeling projects.

Founded in 1977, the company has expanded through a network of local operations serving markets throughout the United States.

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