Van ECK Associates Corp Reduces Holdings in Installed Building Products, Inc. $IBP

Key Points

• Van ECK Associates cut its Installed Building Products stake by 85.4% in the second quarter, leaving 3,538 shares valued at approximately $813,000. Institutional investors collectively own 99.61% of the company.
• Installed Building Products exceeded quarterly expectations, reporting $2.91 in EPS versus the $2.55 consensus and $777.8 million in revenue, up 2.3% year over year.
• The company declared a quarterly dividend of $0.39, or $1.56 annually, representing a 0.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $249.30, modestly above the stock’s $239.33 price.

Van ECK Associates Corp trimmed its holdings in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) by 85.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,538 shares of the construction company's stock after selling 20,747 shares during the quarter. Van ECK Associates Corp's holdings in Installed Building Products were worth $813,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. increased its stake in shares of Installed Building Products by 21.4% in the 4th quarter. Bessemer Group Inc. now owns 123,264 shares of the construction company's stock worth $31,973,000 after purchasing an additional 21,705 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Installed Building Products by 36,067.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 54,974 shares of the construction company's stock valued at $14,260,000 after purchasing an additional 54,822 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Installed Building Products by 3.9% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 133,953 shares of the construction company's stock valued at $35,518,000 after purchasing an additional 5,042 shares during the period. Bank of America Corp DE grew its holdings in Installed Building Products by 51.8% during the first quarter. Bank of America Corp DE now owns 298,729 shares of the construction company's stock valued at $79,208,000 after purchasing an additional 101,967 shares during the period. Finally, Deutsche Bank AG purchased a new stake in Installed Building Products in the second quarter worth about $19,341,000. 99.61% of the stock is owned by hedge funds and other institutional investors.

Installed Building Products Stock Up 0.7%

NYSE IBP opened at $239.33 on Friday. Installed Building Products, Inc. has a 12 month low of $193.11 and a 12 month high of $349.00. The company has a current ratio of 2.98, a quick ratio of 2.41 and a debt-to-equity ratio of 1.62. The stock has a market cap of $6.36 billion, a PE ratio of 25.76, a P/E/G ratio of 4.46 and a beta of 1.71. The stock's 50 day moving average is $234.01 and its 200 day moving average is $251.37.

Installed Building Products (NYSE:IBP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The construction company reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.36. The business had revenue of $777.80 million during the quarter, compared to analyst estimates 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 period last year, the firm posted $2.95 EPS. Research analysts predict that Installed Building Products, Inc. will post 9.82 EPS for the current fiscal year.

Installed Building Products Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, September 15th. Installed Building Products's payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price objective on Installed Building Products from $331.00 to $285.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. DA Davidson raised their target price 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. Evercore set a $246.00 price target on shares of Installed Building Products in a report on Friday, August 7th. Stephens dropped their price target on shares of 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. Finally, Royal Bank Of Canada set a $242.00 price objective on shares of Installed Building Products in a research report on Monday, May 11th. 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, the stock presently has a consensus rating of "Hold" and an average price target of $249.30.

Insider Transactions at Installed Building Products

In related news, CFO Michael Miller purchased 990 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were acquired at an average price of $200.62 per share, for a total transaction of $198,613.80. Following the purchase, the chief financial officer directly owned 34,209 shares in the company, valued at $6,863,009.58. This trade represents a 2.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 13.80% of the company's stock.

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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