Fisher Funds Management LTD Lowers Stake in Installed Building Products, Inc. $IBP

Key Points

• Fisher Funds Management sharply reduced its position in Installed Building Products, cutting its stake by 65% in the first quarter and holding 28,966 shares worth about $7.68 million at quarter-end.
• Wall Street sentiment on IBP has turned cautious, with several firms lowering price targets and the consensus rating now at “Reduce” with an average target of $247.67.
• Despite recent operational softness, insiders have been buying: CFO Michael Thomas Miller and insider Jason R. Niswonger both purchased shares, while the company also declared a quarterly dividend of $0.39 per share.

Fisher Funds Management LTD cut its stake in Installed Building Products, Inc. (NYSE:IBP - Free Report) by 65.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,966 shares of the construction company's stock after selling 53,882 shares during the period. Fisher Funds Management LTD owned about 0.11% of Installed Building Products worth $7,680,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Danske Bank A S purchased a new stake in Installed Building Products in the 3rd quarter valued at about $25,000. NewEdge Advisors LLC increased its position in shares of 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 period. Aster Capital Management DIFC Ltd bought a new stake in shares of Installed Building Products during the third quarter valued at approximately $33,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of 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 acquiring an additional 133 shares in the last quarter. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of Installed Building Products in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 99.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IBP. JPMorgan Chase & Co. dropped their price objective on Installed Building Products from $284.00 to $195.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 13th. Wall Street Zen cut Installed Building Products from a "buy" rating to a "hold" rating in a report on Sunday, March 29th. Wells Fargo & Company lowered their target price on Installed Building Products from $285.00 to $250.00 and set an "equal weight" rating for the company in a report on Friday, May 8th. Evercore set a $226.00 price target on Installed Building Products in a research report on Friday, May 8th. Finally, Stephens cut their price target on Installed Building Products from $300.00 to $240.00 and set an "equal weight" rating on the stock in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $247.67.

Insider Activity

In other news, insider Jason R. Niswonger purchased 455 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $214.80 per share, for a total transaction of $97,734.00. Following the acquisition, the insider owned 17,122 shares of the company's stock, valued at approximately $3,677,805.60. This represents a 2.73% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Thomas Miller purchased 990 shares of the stock in a transaction dated Thursday, June 11th. The stock was purchased at an average price of $200.62 per share, for a total transaction of $198,613.80. Following the completion of the acquisition, the chief financial officer directly owned 34,209 shares in the company, valued at approximately $6,863,009.58. This represents a 2.98% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 5,036 shares of company stock valued at $1,042,807. Corporate insiders own 13.80% of the company's stock.

Installed Building Products Trading Down 0.3%

Shares of NYSE:IBP opened at $217.61 on Monday. The company has a market capitalization of $5.86 billion, a PE ratio of 23.20, a P/E/G ratio of 5.39 and a beta of 1.71. The company has a current ratio of 3.35, a quick ratio of 2.76 and a debt-to-equity ratio of 1.56. Installed Building Products, Inc. has a 12-month low of $166.39 and a 12-month high of $349.00. The business's fifty day simple moving average is $240.14 and its 200-day simple moving average is $272.52.

Installed Building Products (NYSE:IBP - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The construction company reported $1.79 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.17). Installed Building Products had a return on equity of 42.28% and a net margin of 8.65%.The company had revenue of $660.50 million for the quarter, compared to analysts' expectations of $668.92 million. During the same quarter last year, the company earned $2.08 earnings per share. The company's revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Installed Building Products, Inc. will post 9.62 earnings per share for the current fiscal year.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, June 15th. Installed Building Products's dividend payout ratio is presently 16.63%.

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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