Westwood Holdings Group Inc. bought a new stake in Installed Building Products Inc (NYSE:IBP) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 771,697 shares of the construction company’s stock, valued at approximately $46,340,000. Westwood Holdings Group Inc. owned about 2.44% of Installed Building Products at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IBP. Bamco Inc. NY purchased a new position in Installed Building Products during the 4th quarter valued at about $22,785,000. HAP Trading LLC increased its holdings in Installed Building Products by 146.1% during the 4th quarter. HAP Trading LLC now owns 26,644 shares of the construction company’s stock valued at $2,024,000 after purchasing an additional 15,817 shares during the period. Geode Capital Management LLC increased its holdings in Installed Building Products by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 171,452 shares of the construction company’s stock valued at $13,021,000 after purchasing an additional 5,223 shares during the period. Wells Fargo & Company MN increased its holdings in Installed Building Products by 9.8% during the 4th quarter. Wells Fargo & Company MN now owns 45,061 shares of the construction company’s stock valued at $3,422,000 after purchasing an additional 4,031 shares during the period. Finally, Pinebridge Investments L.P. increased its holdings in Installed Building Products by 219.6% during the 4th quarter. Pinebridge Investments L.P. now owns 8,344 shares of the construction company’s stock valued at $634,000 after purchasing an additional 5,733 shares during the period. 69.46% of the stock is owned by institutional investors.
Installed Building Products opened at $58.25 on Friday, Marketbeat reports. Installed Building Products Inc has a fifty-two week low of $50.95 and a fifty-two week high of $79.40. The company has a current ratio of 2.13, a quick ratio of 1.83 and a debt-to-equity ratio of 1.69. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 48.95, a PEG ratio of 0.70 and a beta of 0.92.
Installed Building Products announced that its Board of Directors has approved a share repurchase program on Wednesday, February 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, Director J Michael Nixon sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $62.02, for a total value of $2,170,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Vikas Verma purchased 7,000 shares of the company’s stock in a transaction dated Thursday, June 14th. The stock was bought at an average cost of $61.25 per share, for a total transaction of $428,750.00. Following the completion of the transaction, the director now owns 240,860 shares in the company, valued at $14,752,675. The disclosure for this purchase can be found here. Over the last three months, insiders sold 170,000 shares of company stock worth $10,566,592. Insiders own 31.10% of the company’s stock.
IBP has been the topic of a number of research analyst reports. Stephens set a $71.00 price target on Installed Building Products and gave the company a “buy” rating in a report on Thursday, March 1st. ValuEngine downgraded Installed Building Products from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Royal Bank of Canada set a $71.00 price target on Installed Building Products and gave the company a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research downgraded Installed Building Products from a “buy” rating to a “hold” rating in a report on Tuesday, March 13th. Finally, Nomura assumed coverage on Installed Building Products in a report on Tuesday, March 13th. They set a “buy” rating and a $77.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $71.33.
Installed Building Products Company Profile
Installed Building Products, Inc, together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, shower doors, closet shelving and mirrors, and other products in the continental United States. It offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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