Wedge Capital Management L L P NC Sells 17,334 Shares of Installed Building Products, Inc. $IBP

Key Points

• Wedge Capital Management L L P NC has reduced its holdings in Installed Building Products by 48.6%, now owning 18,346 shares valued at approximately $3.31 million.
• Installed Building Products has received various ratings from analysts, with a consensus rating of "Hold" and an average price target of $217.36.
• The company declared a quarterly dividend of $0.37 per share, with a yield of 0.6%, to be paid on September 30th.

Wedge Capital Management L L P NC lessened its stake in Installed Building Products, Inc. (NYSE:IBP - Free Report) by 48.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,346 shares of the construction company's stock after selling 17,334 shares during the quarter. Wedge Capital Management L L P NC owned about 0.07% of Installed Building Products worth $3,308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. UMB Bank n.a. lifted its stake in shares of Installed Building Products by 142.1% in the first quarter. UMB Bank n.a. now owns 184 shares of the construction company's stock valued at $32,000 after buying an additional 108 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Installed Building Products by 74.6% during the first quarter. Fifth Third Bancorp now owns 227 shares of the construction company's stock valued at $39,000 after purchasing an additional 97 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Installed Building Products by 36.7% in the 1st quarter. Advisors Asset Management Inc. now owns 555 shares of the construction company's stock valued at $95,000 after acquiring an additional 149 shares during the last quarter. Covestor Ltd grew its holdings in Installed Building Products by 92.1% during the 1st quarter. Covestor Ltd now owns 557 shares of the construction company's stock worth $96,000 after acquiring an additional 267 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Installed Building Products by 178.7% during the 1st quarter. CWM LLC now owns 588 shares of the construction company's stock valued at $101,000 after purchasing an additional 377 shares in the last quarter. Institutional investors own 99.61% of the company's stock.

Installed Building Products Stock Performance

Shares of IBP stock traded down $3.34 during trading on Monday, reaching $256.29. 261,438 shares of the company's stock were exchanged, compared to its average volume of 447,473. The firm's fifty day moving average price is $243.64 and its 200-day moving average price is $196.19. The stock has a market capitalization of $7.00 billion, a PE ratio of 28.51 and a beta of 1.76. The company has a quick ratio of 2.31, a current ratio of 2.85 and a debt-to-equity ratio of 1.27. Installed Building Products, Inc. has a twelve month low of $150.83 and a twelve month high of $280.00.

Installed Building Products (NYSE:IBP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The construction company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $711.37 million. During the same period in the previous year, the company posted $2.84 EPS. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Installed Building Products, Inc. will post 10.66 EPS for the current year.

Installed Building Products Dividend Announcement

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

Insider Activity at Installed Building Products

In related news, COO Brad A. Wheeler sold 3,186 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $275.29, for a total transaction of $877,073.94. Following the transaction, the chief operating officer owned 8,736 shares in the company, valued at $2,404,933.44. This represents a 26.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Jeffrey Hire sold 6,500 shares of the firm's stock in a transaction on 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 sale, the insider directly owned 37,999 shares of the company's stock, valued at $10,096,714.29. This represents a 14.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,655 shares of company stock worth $3,123,578. 16.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

IBP has been the subject of a number of recent research reports. DA Davidson cut Installed Building Products from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $225.00 to $252.00 in a research report on Tuesday, August 12th. Loop Capital lowered Installed Building Products from a "buy" rating to a "hold" rating and set a $255.00 price objective on the stock. in a research note on Friday, August 8th. Royal Bank Of Canada reaffirmed an "underperform" rating and set a $184.00 target price (up from $145.00) on shares of Installed Building Products in a research report on Thursday, August 7th. Zacks Research upgraded shares of Installed Building Products from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 14th. Finally, Zelman & Associates raised shares of Installed Building Products from an "underperform" rating to a "neutral" rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Installed Building Products presently has an average rating of "Hold" and a consensus target price 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.