Installed Building Products, Inc. (NYSE:IBP) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank has reduced its holdings in Installed Building Products, Inc. by 34.6%, owning 7,076 shares valued at approximately $1.21 million as of the latest SEC filing.
• The company reported a missed earnings estimate for the quarter with earnings per share of $2.08, falling short of the expected $2.23, while revenue decreased by 1.2% year-over-year.
• Installed Building Products announced a quarterly dividend payment of $0.37 per share, representing a yield of 0.7% and a payout ratio of 16.88%.

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) by 34.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,076 shares of the construction company's stock after selling 3,745 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Installed Building Products were worth $1,213,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IBP. JPMorgan Chase & Co. boosted its holdings in Installed Building Products by 112.6% in the 4th quarter. JPMorgan Chase & Co. now owns 153,772 shares of the construction company's stock valued at $26,949,000 after purchasing an additional 81,455 shares during the last quarter. Norges Bank acquired a new position in Installed Building Products in the 4th quarter valued at about $28,509,000. Pictet Asset Management Holding SA boosted its holdings in Installed Building Products by 8.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,397 shares of the construction company's stock valued at $595,000 after purchasing an additional 257 shares during the last quarter. Orion Portfolio Solutions LLC boosted its holdings in Installed Building Products by 3.8% in the 4th quarter. Orion Portfolio Solutions LLC now owns 3,992 shares of the construction company's stock valued at $700,000 after purchasing an additional 146 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Installed Building Products by 2.1% in the 4th quarter. Wellington Management Group LLP now owns 143,579 shares of the construction company's stock valued at $25,162,000 after purchasing an additional 2,939 shares during the last quarter. 99.61% of the stock is currently owned by institutional investors and hedge funds.

Installed Building Products Stock Up 1.6%

IBP traded up $3.37 during trading hours on Tuesday, hitting $216.37. 906,147 shares of the company's stock were exchanged, compared to its average volume of 440,940. Installed Building Products, Inc. has a 12-month low of $150.83 and a 12-month high of $259.59. The firm has a 50 day moving average of $184.57 and a 200 day moving average of $177.18. The firm has a market cap of $5.97 billion, a P/E ratio of 24.67 and a beta of 1.73. The company has a current ratio of 2.89, a quick ratio of 2.31 and a debt-to-equity ratio of 1.28.

Installed Building Products (NYSE:IBP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The construction company reported $2.08 EPS for the quarter, missing analysts' consensus estimates of $2.23 by ($0.15). Installed Building Products had a net margin of 8.39% and a return on equity of 60.73%. The firm had revenue of $684.80 million during the quarter, compared to analysts' expectations of $681.34 million. During the same period in the prior year, the company posted $2.47 earnings per share. The company's revenue for the quarter was down 1.2% on a year-over-year basis. Analysts predict that Installed Building Products, Inc. will post 10.66 EPS for the current fiscal year.

Installed Building Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.37 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.7%. Installed Building Products's dividend payout ratio is currently 16.88%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on IBP shares. Loop Capital reduced their price target on shares of Installed Building Products from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Benchmark reduced their price target on shares of Installed Building Products from $210.00 to $185.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $212.45.

Installed Building Products Company Profile

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.