Royal Bank of Canada Cuts Stock Position in Installed Building Products, Inc. $IBP

Royal Bank of Canada lowered its stake in shares of Installed Building Products, Inc. (NYSE:IBP) by 12.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,816 shares of the construction company’s stock after selling 19,618 shares during the period. Royal Bank of Canada owned about 0.50% of Installed Building Products worth $35,746,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Danske Bank A S purchased a new position in Installed Building Products during the third quarter worth about $25,000. NewEdge Advisors LLC increased its position in shares of Installed Building Products by 5,000.0% during the 3rd quarter. NewEdge Advisors LLC now owns 102 shares of the construction company’s stock worth $25,000 after purchasing an additional 100 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Installed Building Products in the 1st quarter valued at about $30,000. Northwestern Mutual Wealth Management Co. lifted its position in Installed Building Products by 700.0% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 152 shares of the construction company’s stock valued at $37,000 after buying an additional 133 shares during the last quarter. Finally, Eagle Bay Advisors LLC purchased a new position in Installed Building Products during the fourth quarter worth about $43,000. 99.61% of the stock is currently owned by institutional investors and hedge funds.

Installed Building Products Trading Up 2.5%

NYSE:IBP opened at $228.41 on Tuesday. Installed Building Products, Inc. has a 12-month low of $193.11 and a 12-month high of $349.00. The firm has a market cap of $6.15 billion, a PE ratio of 24.35, a price-to-earnings-growth ratio of 5.34 and a beta of 1.70. The company has a current ratio of 3.35, a quick ratio of 2.76 and a debt-to-equity ratio of 1.56. The stock has a fifty day moving average price of $218.69 and a 200 day moving average price of $262.52.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings results on Thursday, May 7th. The construction company reported $1.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.17). Installed Building Products had a net margin of 8.65% and a return on equity of 42.28%. The company had revenue of $660.50 million during the quarter, compared to analyst estimates of $668.92 million. During the same period in the prior year, the business earned $2.08 EPS. Installed Building Products’s revenue for the quarter was down 3.5% on a year-over-year basis. Sell-side analysts anticipate that Installed Building Products, Inc. will post 9.57 earnings per share for the current fiscal year.

Installed Building Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 15th. Installed Building Products’s dividend payout ratio (DPR) is presently 16.63%.

Analyst Ratings Changes

IBP has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Installed Building Products from $284.00 to $195.00 and set an “underweight” rating on the stock in a report on Wednesday, May 13th. Truist Financial lowered their price target on Installed Building Products from $250.00 to $200.00 and set a “hold” rating for the company in a research report on Friday, May 8th. Wells Fargo & Company cut their price objective on Installed Building Products from $285.00 to $250.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Weiss Ratings cut Installed Building Products from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Finally, Evercore set a $226.00 price target on shares of Installed Building Products in a research note on Friday, May 8th. One research analyst has rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $247.67.

Insider Activity

In other Installed Building Products news, CFO Michael Thomas Miller purchased 990 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $200.62 per share, with a total value of $198,613.80. Following the acquisition, the chief financial officer directly owned 34,209 shares of the company’s stock, valued at approximately $6,863,009.58. This represents a 2.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason R. Niswonger acquired 455 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $214.80 per share, with a total value of $97,734.00. Following the completion of the transaction, the insider owned 17,122 shares in the company, valued at approximately $3,677,805.60. This represents a 2.73% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 5,036 shares of company stock valued at $1,042,807 in the last 90 days. Company insiders own 13.80% of the company’s stock.

About Installed Building Products

Installed Building Products, Inc (NYSE: IBP) is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.

Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.