Installed Building Products, Inc. (IBP) Position Cut by NorthCoast Asset Management LLC
NorthCoast Asset Management LLC lessened its holdings in shares of Installed Building Products, Inc. (NYSE:IBP) by 11.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,358 shares of the construction company’s stock after selling 6,049 shares during the quarter. NorthCoast Asset Management LLC owned about 0.15% of Installed Building Products worth $3,004,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of IBP. Stifel Financial Corp bought a new stake in Installed Building Products during the 2nd quarter valued at approximately $9,434,000. Russell Investments Group Ltd. grew its holdings in Installed Building Products by 118.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 257,460 shares of the construction company’s stock valued at $16,684,000 after buying an additional 139,833 shares in the last quarter. BlackRock Inc. grew its holdings in Installed Building Products by 3.1% during the 2nd quarter. BlackRock Inc. now owns 2,829,787 shares of the construction company’s stock valued at $149,836,000 after buying an additional 84,555 shares in the last quarter. RK Capital Management LLC grew its holdings in Installed Building Products by 36.8% during the 2nd quarter. RK Capital Management LLC now owns 241,036 shares of the construction company’s stock valued at $12,763,000 after buying an additional 64,900 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Installed Building Products by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 1,009,259 shares of the construction company’s stock valued at $53,238,000 after buying an additional 60,832 shares in the last quarter. 67.32% of the stock is currently owned by institutional investors.
IBP has been the subject of several research analyst reports. BidaskClub upgraded Installed Building Products from a “hold” rating to a “buy” rating in a report on Saturday, August 12th. Zacks Investment Research cut Installed Building Products from a “hold” rating to a “strong sell” rating in a report on Thursday, August 10th. SunTrust Banks, Inc. restated a “buy” rating and set a $65.00 price target on shares of Installed Building Products in a report on Friday, November 3rd. KeyCorp restated a “hold” rating on shares of Installed Building Products in a report on Wednesday, November 1st. Finally, Credit Suisse Group set a $73.00 price target on Installed Building Products and gave the company an “outperform” rating in a report on Tuesday, October 17th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $67.17.
In other news, COO Jay P. Elliott sold 2,500 shares of Installed Building Products stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $64.61, for a total value of $161,525.00. Following the completion of the transaction, the chief operating officer now owns 51,312 shares in the company, valued at approximately $3,315,268.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Vikas Verma bought 3,318 shares of the company’s stock in a transaction dated Wednesday, November 8th. The stock was bought at an average price of $59.98 per share, with a total value of $199,013.64. Following the acquisition, the director now owns 230,251 shares in the company, valued at approximately $13,810,454.98. The disclosure for this purchase can be found here. In the last quarter, insiders sold 163,781 shares of company stock valued at $10,088,754. Company insiders own 32.90% of the company’s stock.
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Shares of Installed Building Products, Inc. (NYSE:IBP) traded up $1.10 during trading on Friday, hitting $73.65. The stock had a trading volume of 200,000 shares, compared to its average volume of 151,043. The stock has a market cap of $2,346.68, a PE ratio of 56.22 and a beta of 0.84. The company has a current ratio of 2.22, a quick ratio of 1.93 and a debt-to-equity ratio of 1.70. Installed Building Products, Inc. has a 12-month low of $39.95 and a 12-month high of $75.05.
Installed Building Products (NYSE:IBP) last announced its earnings results on Friday, November 3rd. The construction company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by ($0.07). The company had revenue of $295.20 million during the quarter, compared to analysts’ expectations of $292.51 million. Installed Building Products had a return on equity of 23.40% and a net margin of 3.88%. Installed Building Products’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 EPS. equities analysts expect that Installed Building Products, Inc. will post 1.46 EPS for the current year.
Installed Building Products Company Profile
Installed Building Products, Inc is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Company’s national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement the insulation installation business.
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