Installed Building Products, Inc. (NYSE:IBP) Position Lowered by Fmr LLC

FMR LLC reduced its position in shares of Installed Building Products, Inc. (NYSE:IBP) by 23.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 306,533 shares of the construction company’s stock after selling 94,948 shares during the period. FMR LLC owned approximately 0.98% of Installed Building Products worth $16,170,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in IBP. Victory Capital Management Inc. raised its position in shares of Installed Building Products by 2,417.7% in the first quarter. Victory Capital Management Inc. now owns 55,340 shares of the construction company’s stock valued at $2,919,000 after buying an additional 53,142 shares during the period. Ameriprise Financial Inc. raised its position in shares of Installed Building Products by 21.3% in the first quarter. Ameriprise Financial Inc. now owns 261,174 shares of the construction company’s stock valued at $13,762,000 after buying an additional 45,832 shares during the period. Pembroke Management LTD raised its position in shares of Installed Building Products by 11.1% in the first quarter. Pembroke Management LTD now owns 335,900 shares of the construction company’s stock valued at $17,718,000 after buying an additional 33,600 shares during the period. Renaissance Technologies LLC bought a new position in shares of Installed Building Products during the fourth quarter valued at $1,326,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Installed Building Products during the first quarter valued at $1,185,000. 64.30% of the stock is owned by hedge funds and other institutional investors.

Installed Building Products, Inc. (IBP) traded up 1.15% on Friday, hitting $52.90. 64,909 shares of the stock traded hands. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 42.70 and a beta of 0.82. Installed Building Products, Inc. has a 12-month low of $30.16 and a 12-month high of $55.45. The firm’s 50-day moving average price is $52.67 and its 200-day moving average price is $48.98.

Installed Building Products (NYSE:IBP) last issued its earnings results on Friday, May 5th. The construction company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.03. Installed Building Products had a return on equity of 26.42% and a net margin of 4.21%. The business had revenue of $255.70 million during the quarter, compared to analysts’ expectations of $236.19 million. During the same quarter in the previous year, the business earned $0.21 EPS. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. On average, equities research analysts anticipate that Installed Building Products, Inc. will post $2.24 EPS for the current fiscal year.

Several research analysts have weighed in on the stock. BidaskClub lowered shares of Installed Building Products from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Zacks Investment Research raised shares of Installed Building Products from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada increased their target price on shares of Installed Building Products from $53.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday, May 15th. Seaport Global Securities raised their price objective on shares of Installed Building Products from $55.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 8th. Finally, Credit Suisse Group assumed coverage on shares of Installed Building Products in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $61.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Installed Building Products has a consensus rating of “Buy” and a consensus target price of $52.80.

In other Installed Building Products news, CEO Jeffrey W. Edwards sold 600,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $52.50, for a total value of $31,500,000.00. Following the completion of the transaction, the chief executive officer now owns 504,800 shares in the company, valued at approximately $26,502,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Margot Lebenberg Carter sold 2,198 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $52.00, for a total value of $114,296.00. Following the completion of the transaction, the director now directly owns 8,761 shares in the company, valued at $455,572. The disclosure for this sale can be found here. Insiders have sold a total of 604,698 shares of company stock valued at $31,746,546 in the last quarter. Company insiders own 32.90% of the company’s stock.

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.