Guinness Asset Management LTD Sells 22,120 Shares of Installed Building Products, Inc. $IBP

Key Points

• Guinness Asset Management LTD reduced its stake in Installed Building Products by 27.5% in Q1, selling 22,120 shares, leaving it with about 0.21% ownership valued at $10,012,000.
• Other hedge funds have shifted their positions, with Eminence Capital LP and Timucuan Asset Management making significant new investments in Installed Building Products.
• Installed Building Products reported a Q2 EPS of $2.95, exceeding expectations and indicating a 3.1% year-over-year revenue growth, along with the announcement of a dividend of $0.37 per share.

Guinness Asset Management LTD decreased its position in Installed Building Products, Inc. (NYSE:IBP - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,404 shares of the construction company's stock after selling 22,120 shares during the period. Guinness Asset Management LTD owned approximately 0.21% of Installed Building Products worth $10,012,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Installed Building Products by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 2,671,315 shares of the construction company's stock worth $458,024,000 after purchasing an additional 34,512 shares during the last quarter. Eminence Capital LP bought a new position in shares of Installed Building Products in the first quarter valued at approximately $109,114,000. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Installed Building Products by 28.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 530,181 shares of the construction company's stock valued at $90,905,000 after acquiring an additional 117,810 shares in the last quarter. Giverny Capital Inc. boosted its holdings in shares of Installed Building Products by 0.7% in the first quarter. Giverny Capital Inc. now owns 508,073 shares of the construction company's stock valued at $87,114,000 after acquiring an additional 3,338 shares in the last quarter. Finally, Timucuan Asset Management Inc. FL bought a new position in shares of Installed Building Products in the first quarter valued at approximately $85,786,000. Institutional investors own 99.61% of the company's stock.

Insider Activity

In related news, Director Janet E. Jackson sold 1,469 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $266.00, for a total value of $390,754.00. Following the completion of the sale, the director owned 6,873 shares in the company, valued at approximately $1,828,218. This represents a 17.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Todd R. Fry sold 500 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were 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 owned 6,822 shares of the company's stock, valued at approximately $1,755,095.94. This trade represents a 6.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,655 shares of company stock worth $3,123,578 in the last quarter. Insiders own 16.20% of the company's stock.

Installed Building Products Trading Up 0.1%

Shares of NYSE:IBP traded up $0.40 during mid-day trading on Wednesday, hitting $263.82. The stock had a trading volume of 145,131 shares, compared to its average volume of 440,728. 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 company has a market cap of $7.21 billion, a PE ratio of 29.35 and a beta of 1.76. Installed Building Products, Inc. has a 12-month low of $150.83 and a 12-month high of $280.00. The company's 50 day moving average is $238.93 and its 200-day moving average is $193.54.

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

Installed Building Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, September 15th. Installed Building Products's dividend payout ratio is 16.46%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IBP. Loop Capital cut shares of Installed Building Products from a "buy" rating to a "hold" rating and set a $255.00 price objective for the company. in a report on Friday, August 8th. Zelman & Associates upgraded shares of Installed Building Products from an "underperform" rating to a "neutral" rating in a report on Friday, August 8th. Danske lowered shares of Installed Building Products from a "buy" rating to a "hold" rating and set a $252.00 target price for the company. in a research note on Tuesday, August 12th. Royal Bank Of Canada reissued an "underperform" rating and set a $184.00 target price (up from $145.00) on shares of Installed Building Products in a research note on Thursday, August 7th. Finally, DA Davidson lowered shares of Installed Building Products from a "buy" rating to a "hold" rating and increased their target price for the company from $225.00 to $252.00 in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $217.36.

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.