Channing Capital Management LLC Trims Position in Installed Building Products, Inc. $IBP

Key Points

• Channing Capital Management LLC sold 5,344 shares of Installed Building Products, Inc. during Q1, reducing its stake by 2.5%, now holding 211,140 shares valued at approximately $36.2 million.
• Installed Building Products reported $760.3 million in revenue for its latest quarter, exceeding analyst expectations and showcasing a year-over-year revenue growth of 3.1%.
• The company announced a quarterly dividend of $0.37 per share, with a dividend yield of 0.6%, to be paid on September 30th to investors on record by September 15th.

Channing Capital Management LLC lowered its stake in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 211,140 shares of the construction company's stock after selling 5,344 shares during the quarter. Channing Capital Management LLC owned 0.76% of Installed Building Products worth $36,202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its position in Installed Building Products by 10.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 373,649 shares of the construction company's stock valued at $64,066,000 after purchasing an additional 35,568 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Installed Building Products by 65.4% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,224 shares of the construction company's stock valued at $210,000 after acquiring an additional 484 shares during the period. Giverny Capital Inc. grew its stake in Installed Building Products by 0.7% during the 1st quarter. Giverny Capital Inc. now owns 508,073 shares of the construction company's stock worth $87,114,000 after buying an additional 3,338 shares during the last quarter. Northern Trust Corp grew its stake in Installed Building Products by 15.4% during the 1st quarter. Northern Trust Corp now owns 320,859 shares of the construction company's stock worth $55,014,000 after buying an additional 42,789 shares during the last quarter. Finally, CacheTech Inc. grew its stake in Installed Building Products by 10.4% during the 1st quarter. CacheTech Inc. now owns 16,956 shares of the construction company's stock worth $2,907,000 after buying an additional 1,592 shares during the last quarter. Hedge funds and other institutional investors own 99.61% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IBP. Zelman & Associates raised Installed Building Products from an "underperform" rating to a "neutral" rating in a report on Friday, August 8th. Royal Bank Of Canada reissued an "underperform" rating and issued a $184.00 price objective (up from $145.00) on shares of Installed Building Products in a report on Thursday, August 7th. Danske lowered Installed Building Products from a "buy" rating to a "hold" rating and set a $252.00 price objective on the stock. in a report on Tuesday, August 12th. Benchmark dropped their price objective on Installed Building Products from $210.00 to $185.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Jefferies Financial Group raised their price objective on Installed Building Products from $175.00 to $225.00 and gave the company a "hold" rating in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $217.36.

Installed Building Products Price Performance

Shares of IBP stock traded up $9.1360 during trading hours on Friday, reaching $273.3160. The company had a trading volume of 699,705 shares, compared to its average volume of 631,743. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.31 and a current ratio of 2.85. The stock has a fifty day moving average of $209.26 and a 200-day moving average of $182.68. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 30.40 and a beta of 1.73. Installed Building Products, Inc. has a 12-month low of $150.83 and a 12-month high of $278.74.

Installed Building Products (NYSE:IBP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The construction company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.50. Installed Building Products had a return on equity of 60.27% and a net margin of 8.45%.The company had revenue of $760.30 million during the quarter, compared to analyst estimates of $711.37 million. During the same period in the prior year, the business posted $2.84 earnings per share. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Installed Building Products, Inc. will post 10.66 earnings per share for the current year.

Installed Building Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Monday, September 15th. Installed Building Products's payout ratio is 16.46%.

Insider Transactions at Installed Building Products

In other Installed Building Products news, CAO Todd R. Fry sold 500 shares of Installed Building Products stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $257.27, for a total transaction of $128,635.00. Following the completion of the sale, the chief accounting officer directly owned 6,822 shares of the company's stock, valued at $1,755,095.94. The trade was a 6.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider William Jeffrey Hire sold 6,500 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $265.71, for a total value of $1,727,115.00. Following the completion of the sale, the insider directly owned 37,999 shares of the company's stock, valued at $10,096,714.29. The trade was a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. 16.20% of the stock is owned by insiders.

About Installed Building Products

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.