Magnetar Financial LLC Invests $2.21 Million in Installed Building Products, Inc. $IBP

Key Points

• Hedge fund Magnetar Financial LLC opened a new stake in Installed Building Products, buying 8,973 shares worth approximately $2.21 million during the third quarter.
• CEO Jeffrey W. Edwards sold 400,000 shares at an average of $314.06 for about $125.6 million, reducing his ownership by 18.8% (he now owns 1,727,819 shares).
• The company announced a special dividend of $1.80 per share payable March 31 (record date March 13), representing a stated yield of 66.0%.

Magnetar Financial LLC acquired a new stake in Installed Building Products, Inc. (NYSE:IBP - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 8,973 shares of the construction company's stock, valued at approximately $2,213,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Installed Building Products in the 3rd quarter valued at about $33,000. Salomon & Ludwin LLC acquired a new position in shares of Installed Building Products during the third quarter worth about $42,000. Farther Finance Advisors LLC grew its holdings in shares of Installed Building Products by 31.8% during the third quarter. Farther Finance Advisors LLC now owns 224 shares of the construction company's stock worth $55,000 after buying an additional 54 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Installed Building Products by 14.0% during the second quarter. Smartleaf Asset Management LLC now owns 439 shares of the construction company's stock worth $78,000 after buying an additional 54 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in Installed Building Products in the 3rd quarter valued at approximately $106,000. 99.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Installed Building Products news, CEO Jeffrey W. Edwards sold 400,000 shares of Installed Building Products stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $314.06, for a total transaction of $125,624,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,727,819 shares of the company's stock, valued at $542,638,835.14. The trade was a 18.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Janet E. Jackson sold 1,410 shares of the company's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $293.31, for a total transaction of $413,567.10. Following the completion of the transaction, the director owned 5,373 shares in the company, valued at approximately $1,575,954.63. This represents a 20.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IBP. Benchmark downgraded Installed Building Products from a "buy" rating to a "hold" rating in a research report on Wednesday, February 11th. Royal Bank Of Canada lifted their price objective on shares of Installed Building Products from $203.00 to $255.00 and gave the company an "underperform" rating in a report on Friday, February 27th. Wells Fargo & Company reduced their target price on shares of Installed Building Products from $355.00 to $340.00 and set an "equal weight" rating for the company in a report on Friday, February 27th. Wall Street Zen downgraded shares of Installed Building Products from a "buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. Finally, Zacks Research lowered shares of Installed Building Products from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 16th. One research analyst has 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 data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $256.09.

Installed Building Products Stock Down 3.2%

Installed Building Products stock opened at $272.35 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 3.03 and a quick ratio of 2.44. The company's 50-day moving average is $307.94 and its 200-day moving average is $276.62. The firm has a market capitalization of $7.35 billion, a PE ratio of 27.99, a P/E/G ratio of 3.95 and a beta of 1.90. Installed Building Products, Inc. has a fifty-two week low of $150.83 and a fifty-two week high of $349.00.

Installed Building Products (NYSE:IBP - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The construction company reported $3.24 EPS for the quarter, topping analysts' consensus estimates of $2.83 by $0.41. The business had revenue of $747.50 million during the quarter, compared to analysts' expectations of $738.97 million. Installed Building Products had a return on equity of 43.71% and a net margin of 8.93%.Installed Building Products's quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company posted $2.88 earnings per share. Sell-side 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 announced a special dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a dividend yield of 66.0%. Installed Building Products's payout ratio is presently 15.21%.

Installed Building Products Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.