Installed Building Products (NYSE:IBP) Downgraded to Neutral at BTIG Research

BTIG Research downgraded shares of Installed Building Products (NYSE:IBP – Get Rating) from a buy rating to a neutral rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

Several other research analysts have also recently issued reports on IBP. StockNews.com raised Installed Building Products from a hold rating to a buy rating in a research report on Thursday, July 21st. JPMorgan Chase & Co. dropped their price target on Installed Building Products from $101.00 to $88.00 and set a neutral rating on the stock in a report on Wednesday, April 20th. Royal Bank of Canada lowered Installed Building Products from a sector perform rating to an underperform rating and dropped their price target for the stock from $91.00 to $71.00 in a report on Wednesday, June 22nd. Truist Financial dropped their price target on Installed Building Products from $135.00 to $100.00 in a report on Friday, May 6th. Finally, The Goldman Sachs Group lowered their target price on Installed Building Products from $105.00 to $90.00 and set a neutral rating on the stock in a research note on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $106.00.

Installed Building Products Trading Down 5.3 %

NYSE IBP opened at $98.94 on Friday. The business has a 50 day simple moving average of $90.49 and a 200 day simple moving average of $92.93. Installed Building Products has a one year low of $69.44 and a one year high of $141.43. The stock has a market capitalization of $2.90 billion, a P/E ratio of 18.39 and a beta of 1.79. The company has a debt-to-equity ratio of 2.08, a current ratio of 2.25 and a quick ratio of 2.08.

Installed Building Products (NYSE:IBP – Get Rating) last announced its earnings results on Thursday, August 4th. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.54. The company had revenue of $676.70 million for the quarter, compared to analysts’ expectations of $611.12 million. Installed Building Products had a return on equity of 50.89% and a net margin of 6.85%. Installed Building Products’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.59 earnings per share. Research analysts expect that Installed Building Products will post 7.16 earnings per share for the current year.

Installed Building Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a $0.315 dividend. This represents a $1.26 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Wednesday, September 14th. Installed Building Products’s dividend payout ratio (DPR) is presently 23.42%.

Hedge Funds Weigh In On Installed Building Products

Several hedge funds have recently made changes to their positions in IBP. Bank of America Corp DE grew its position in Installed Building Products by 55.1% during the fourth quarter. Bank of America Corp DE now owns 85,399 shares of the construction company’s stock worth $11,932,000 after buying an additional 30,346 shares in the last quarter. Yousif Capital Management LLC purchased a new position in Installed Building Products during the fourth quarter worth about $3,140,000. Covestor Ltd purchased a new position in Installed Building Products during the fourth quarter worth about $38,000. Fisher Asset Management LLC grew its position in Installed Building Products by 29.7% during the fourth quarter. Fisher Asset Management LLC now owns 36,774 shares of the construction company’s stock worth $5,138,000 after buying an additional 8,428 shares in the last quarter. Finally, Radnor Capital Management LLC grew its position in Installed Building Products by 31.6% during the first quarter. Radnor Capital Management LLC now owns 5,480 shares of the construction company’s stock worth $463,000 after buying an additional 1,315 shares in the last quarter. 98.94% of the stock is currently owned by hedge funds and other institutional investors.

About Installed Building Products

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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 continental United States. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.