Installed Building Products (NYSE:IBP) Price Target Cut to $194.00 by Analysts at Royal Bank Of Canada

Installed Building Products (NYSE:IBP) had its price objective cut by Royal Bank Of Canada from $208.00 to $194.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a sector perform rating on the construction company’s stock.

Several other equities research analysts have also recently weighed in on the company. DA Davidson upped their price target on Installed Building Products from $242.00 to $250.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Zacks Research lowered shares of Installed Building Products from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Truist Financial boosted their price objective on shares of Installed Building Products from $160.00 to $180.00 and gave the company a “hold” rating in a research note on Friday. The Goldman Sachs Group restated a “buy” rating and set a $261.00 price target on shares of Installed Building Products in a research report on Friday. Finally, Wells Fargo & Company decreased their price target on shares of Installed Building Products from $240.00 to $195.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $229.92.

Installed Building Products Stock Performance

Shares of Installed Building Products stock traded down $3.05 during trading hours on Friday, reaching $220.03. The company had a trading volume of 346,440 shares, compared to its average volume of 394,223. Installed Building Products has a one year low of $176.15 and a one year high of $349.00. The business has a fifty day simple moving average of $204.57 and a 200 day simple moving average of $245.38. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.98 and a quick ratio of 2.41. The firm has a market cap of $5.85 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 8.76 and a beta of 1.65.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings results on Thursday, November 5th. The construction company reported $2.76 earnings per share for the quarter, missing the consensus estimate of $2.83 by ($0.07). The company had revenue of $808.40 million during the quarter, compared to analysts’ expectations of $787.70 million. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. Installed Building Products’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm posted $3.18 earnings per share. On average, analysts anticipate that Installed Building Products will post 9.75 earnings per share for the current fiscal year.

Installed Building Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.7%. Installed Building Products’s payout ratio is presently 16.79%.

Insider Buying and Selling at Installed Building Products

In related news, Director Janet Jackson sold 1,086 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $237.06, for a total value of $257,447.16. Following the sale, the director directly owned 5,142 shares of the company’s stock, valued at $1,218,962.52. This trade represents a 17.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 13.80% of the company’s stock.

Institutional Investors Weigh In On Installed Building Products

Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC increased its holdings in shares of Installed Building Products by 1.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 3,192 shares of the construction company’s stock worth $613,000 after buying an additional 47 shares during the last quarter. Lazard Asset Management LLC grew its position in Installed Building Products by 5.0% in the first quarter. Lazard Asset Management LLC now owns 1,070 shares of the construction company’s stock worth $284,000 after acquiring an additional 51 shares in the last quarter. Apollon Wealth Management LLC grew its position in Installed Building Products by 5.0% in the third quarter. Apollon Wealth Management LLC now owns 1,101 shares of the construction company’s stock worth $211,000 after acquiring an additional 52 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in Installed Building Products by 29.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 259 shares of the construction company’s stock worth $67,000 after acquiring an additional 59 shares in the last quarter. Finally, Covestor Ltd increased its stake in Installed Building Products by 47.6% in the third quarter. Covestor Ltd now owns 186 shares of the construction company’s stock valued at $36,000 after acquiring an additional 60 shares during the last quarter. 99.61% of the stock is currently owned by institutional investors.

More Installed Building Products News

Here are the key news stories impacting Installed Building Products this week:

• Positive Sentiment: Third-quarter revenue rose 3.9% year over year to a record $808.4 million, topping expectations of $787.7 million. IBP also declared a quarterly dividend of $0.39 per share. Company results and dividend announcement
• Neutral Sentiment: Truist raised its price target from $160 to $180 but maintained a Hold rating. The higher target is still below the stock’s cited $220.03 price, making the revision a mixed signal. Truist analyst recommendations
• Negative Sentiment: Adjusted EPS of $2.76 missed analyst expectations of about $2.83 and declined from $3.18 a year earlier. The earnings shortfall may weigh on sentiment despite the revenue beat. Quarterly results coverage
• Negative Sentiment: Royal Bank of Canada cut its price target from $208 to $194 and retained a Sector Perform rating, implying downside from the cited current price. Royal Bank of Canada analyst recommendations

About Installed Building Products

Installed Building Products, Inc (NYSE: IBP) is a residential and commercial building-services company that provides installation services for insulation and other construction products. The company serves homebuilders, contractors, remodelers and other customers through a network of specialized installation businesses.

Its primary offerings include fiberglass, spray foam and blown-in insulation, as well as the installation of garage doors, gutters, fireplaces, shower enclosures, closet systems and other complementary building products.