Channing Capital Management LLC Acquires New Stake in Installed Building Products, Inc. (NYSE:IBP)

Channing Capital Management LLC bought a new position in Installed Building Products, Inc. (NYSE:IBP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 321,058 shares of the construction company’s stock, valued at approximately $58,696,000.

Several other institutional investors and hedge funds have also bought and sold shares of IBP. Benjamin F. Edwards & Company Inc. bought a new position in shares of Installed Building Products in the 4th quarter worth approximately $32,000. Los Angeles Capital Management LLC increased its stake in shares of Installed Building Products by 52.1% in the 4th quarter. Los Angeles Capital Management LLC now owns 14,500 shares of the construction company’s stock worth $2,651,000 after purchasing an additional 4,968 shares in the last quarter. Natixis Advisors L.P. raised its holdings in Installed Building Products by 5.7% in the 4th quarter. Natixis Advisors L.P. now owns 74,222 shares of the construction company’s stock worth $13,568,000 after purchasing an additional 4,035 shares during the period. Benjamin Edwards Inc. raised its holdings in Installed Building Products by 13.7% in the 4th quarter. Benjamin Edwards Inc. now owns 1,853 shares of the construction company’s stock worth $339,000 after purchasing an additional 223 shares during the period. Finally, First Trust Direct Indexing L.P. purchased a new position in Installed Building Products during the fourth quarter valued at $265,000. 99.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IBP has been the subject of a number of analyst reports. DA Davidson started coverage on Installed Building Products in a research report on Tuesday, March 5th. They issued a “buy” rating and a $275.00 price target for the company. The Goldman Sachs Group reissued a “buy” rating on shares of Installed Building Products in a report on Thursday, February 1st. Truist Financial lifted their price target on shares of Installed Building Products from $200.00 to $235.00 and gave the company a “hold” rating in a report on Friday, February 23rd. Evercore ISI increased their price objective on shares of Installed Building Products from $226.00 to $272.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. Finally, StockNews.com upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a research report on Friday, February 16th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $208.40.

Installed Building Products Price Performance

Shares of IBP stock traded down $0.99 during mid-day trading on Friday, hitting $243.70. The company had a trading volume of 223,679 shares, compared to its average volume of 276,925. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.09 and a quick ratio of 2.62. The stock’s 50 day moving average price is $242.65 and its 200-day moving average price is $194.03. Installed Building Products, Inc. has a 52-week low of $103.50 and a 52-week high of $263.76. The company has a market capitalization of $6.93 billion, a P/E ratio of 28.30 and a beta of 1.91.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.42 by $0.03. Installed Building Products had a net margin of 8.77% and a return on equity of 47.18%. The company had revenue of $720.70 million for the quarter, compared to the consensus estimate of $688.59 million. During the same period in the previous year, the firm posted $2.34 EPS. Installed Building Products’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts forecast that Installed Building Products, Inc. will post 11.2 earnings per share for the current year.

Installed Building Products Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, March 31st. Investors of record on Friday, March 15th were given a $1.60 dividend. This is an increase from Installed Building Products’s previous quarterly dividend of $0.33. This represents a $6.40 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Thursday, March 14th. Installed Building Products’s payout ratio is currently 16.26%.

Insider Activity at Installed Building Products

In other Installed Building Products news, CFO Michael Thomas Miller sold 5,000 shares of Installed Building Products stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $243.34, for a total value of $1,216,700.00. Following the sale, the chief financial officer now owns 38,320 shares of the company’s stock, valued at approximately $9,324,788.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Brad A. Wheeler sold 1,119 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $244.22, for a total transaction of $273,282.18. Following the sale, the chief operating officer now directly owns 6,679 shares in the company, valued at approximately $1,631,145.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Thomas Miller sold 5,000 shares of Installed Building Products stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $243.34, for a total value of $1,216,700.00. Following the completion of the transaction, the chief financial officer now owns 38,320 shares of the company’s stock, valued at approximately $9,324,788.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,619 shares of company stock valued at $1,606,732. Insiders own 16.50% of the company’s stock.

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.