Bank of New York Mellon Corp Invests $37.77 Million in Installed Building Products, Inc. $IBP

Key Points

• Bank of New York Mellon acquired 164,338 shares of Installed Building Products worth approximately $37.77 million, representing about 0.61% of the company. Institutional investors collectively own 99.61% of IBP.
• IBP reported quarterly earnings of $2.91 per share, beating estimates of $2.55, while revenue of $777.8 million also exceeded forecasts. Revenue increased 2.3% year over year.
• Analysts maintain a consensus “Hold” rating, with an average price target of $249.30 after several brokerages lowered their targets. CFO Michael Thomas Miller also purchased 990 shares, and the company declared a quarterly dividend of $0.39 per share.

Bank of New York Mellon Corp bought a new stake in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 164,338 shares of the construction company's stock, valued at approximately $37,771,000. Bank of New York Mellon Corp owned about 0.61% of Installed Building Products as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Danske Bank A S bought a new position in shares of Installed Building Products in the 3rd quarter valued at about $25,000. NewEdge Advisors LLC increased its stake in Installed Building Products by 5,000.0% during the third quarter. NewEdge Advisors LLC now owns 102 shares of the construction company's stock worth $25,000 after acquiring an additional 100 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Installed Building Products during the first quarter valued at approximately $30,000. Northwestern Mutual Wealth Management Co. raised its position in Installed Building Products by 700.0% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 152 shares of the construction company's stock valued at $37,000 after purchasing an additional 133 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Installed Building Products by 446.7% in the 1st quarter. Parallel Advisors LLC now owns 164 shares of the construction company's stock valued at $44,000 after purchasing an additional 134 shares during the last quarter. Institutional investors own 99.61% of the company's stock.

Insider Buying and Selling at Installed Building Products

In other news, CFO Michael Thomas Miller purchased 990 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $200.62 per share, with a total value of $198,613.80. Following the transaction, the chief financial officer owned 34,209 shares of the company's stock, valued at $6,863,009.58. This represents a 2.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 13.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on IBP. Stephens lowered their price target on Installed Building Products from $300.00 to $240.00 and set an "equal weight" rating for the company in a research report on Friday, May 8th. Truist Financial reduced their target price on shares of Installed Building Products from $250.00 to $200.00 and set a "hold" rating on the stock in a research note on Friday, May 8th. Zacks Research upgraded shares of Installed Building Products from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. DA Davidson lifted their price target on shares of Installed Building Products from $242.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Finally, Wells Fargo & Company dropped their price target on shares of Installed Building Products from $285.00 to $250.00 and set an "equal weight" rating for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Installed Building Products currently has a consensus rating of "Hold" and an average price target of $249.30.

Installed Building Products Price Performance

Shares of IBP stock opened at $246.12 on Friday. The company has a market capitalization of $6.54 billion, a P/E ratio of 26.49, a P/E/G ratio of 4.52 and a beta of 1.70. The company's 50-day simple moving average is $232.34 and its two-hundred day simple moving average is $254.77. Installed Building Products, Inc. has a one year low of $193.11 and a one year high of $349.00. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.98 and a quick ratio of 2.41.

Installed Building Products (NYSE:IBP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The construction company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.36. The firm 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%. The company's revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.95 earnings per share. As a group, equities analysts anticipate that Installed Building Products, Inc. will post 9.82 EPS for the current year.

Installed Building Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 15th. Installed Building Products's dividend payout ratio is currently 16.79%.

About Installed Building Products

Installed Building Products, Inc NYSE: IBP is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.

Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.

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