Installed Building Products (NYSE:IBP) announced its quarterly earnings data on Thursday. The construction company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.07), MarketWatch Earnings reports. Installed Building Products had a net margin of 3.70% and a return on equity of 24.57%. The business had revenue of $349.00 million during the quarter, compared to analysts’ expectations of $346.39 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. Installed Building Products’s revenue was up 18.2% on a year-over-year basis.
Shares of IBP stock opened at $35.16 on Friday. Installed Building Products has a 12-month low of $29.24 and a 12-month high of $79.40. The company has a current ratio of 2.80, a quick ratio of 2.50 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $962.73 million, a PE ratio of 29.55, a PEG ratio of 0.46 and a beta of 1.08.
In other news, CEO Jeffrey W. Edwards sold 107,039 shares of Installed Building Products stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $52.30, for a total value of $5,598,139.70. Following the sale, the chief executive officer now directly owns 351,071 shares of the company’s stock, valued at $18,361,013.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey W. Edwards sold 92,649 shares of Installed Building Products stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $48.46, for a total value of $4,489,770.54. Following the completion of the sale, the chief executive officer now directly owns 300,159 shares in the company, valued at $14,545,705.14. The disclosure for this sale can be found here. Insiders own 31.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of IBP. The Manufacturers Life Insurance Company increased its stake in Installed Building Products by 4.9% during the first quarter. The Manufacturers Life Insurance Company now owns 59,839 shares of the construction company’s stock worth $3,592,000 after acquiring an additional 2,797 shares during the last quarter. LPL Financial LLC increased its stake in Installed Building Products by 55.7% during the first quarter. LPL Financial LLC now owns 4,479 shares of the construction company’s stock worth $269,000 after acquiring an additional 1,602 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Installed Building Products during the first quarter worth approximately $279,000. New England Research & Management Inc. bought a new stake in Installed Building Products during the second quarter worth approximately $218,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Installed Building Products during the second quarter worth approximately $219,000. 69.99% of the stock is currently owned by institutional investors.
IBP has been the topic of several research analyst reports. Credit Suisse Group restated a “neutral” rating and issued a $40.00 price objective on shares of Installed Building Products in a research report on Wednesday, October 17th. Royal Bank of Canada set a $66.00 price objective on Installed Building Products and gave the company a “buy” rating in a research report on Friday, August 3rd. Jefferies Financial Group restated a “buy” rating and issued a $71.00 price objective on shares of Installed Building Products in a research report on Friday, August 3rd. Zacks Investment Research downgraded Installed Building Products from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Finally, Stephens cut Installed Building Products from an “overweight” rating to an “equal weight” rating and set a $37.00 target price on the stock. in a report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Installed Building Products presently has a consensus rating of “Hold” and an average price target of $53.82.
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, shower doors, closet shelving and mirrors, and other products in the continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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