Installed Building Products (NYSE:IBP) Shares Up 9.4% Following Analyst Upgrade

Installed Building Products, Inc. (NYSE:IBP) traded up 9.4% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $236.00 to $241.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Installed Building Products traded as high as $238.04 and last traded at $237.59. Approximately 161,547 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 293,768 shares. The stock had previously closed at $217.09.

Several other brokerages also recently commented on IBP. Stephens reaffirmed an “equal weight” rating and set a $240.00 price objective on shares of Installed Building Products in a research report on Monday, August 5th. DA Davidson decreased their price target on shares of Installed Building Products from $275.00 to $260.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Jefferies Financial Group upped their price objective on shares of Installed Building Products from $240.00 to $252.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. The Goldman Sachs Group raised their target price on Installed Building Products from $260.00 to $295.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Truist Financial upped their price target on Installed Building Products from $235.00 to $240.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $253.70.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IBP. Diversified Trust Co lifted its holdings in Installed Building Products by 2.3% in the 2nd quarter. Diversified Trust Co now owns 2,021 shares of the construction company’s stock worth $416,000 after buying an additional 46 shares during the period. CWM LLC lifted its stake in Installed Building Products by 32.1% in the second quarter. CWM LLC now owns 255 shares of the construction company’s stock worth $52,000 after acquiring an additional 62 shares during the period. Arkadios Wealth Advisors boosted its holdings in Installed Building Products by 2.5% in the second quarter. Arkadios Wealth Advisors now owns 2,545 shares of the construction company’s stock valued at $523,000 after acquiring an additional 63 shares in the last quarter. Xponance Inc. increased its position in Installed Building Products by 5.3% during the 2nd quarter. Xponance Inc. now owns 1,519 shares of the construction company’s stock valued at $312,000 after purchasing an additional 76 shares during the period. Finally, GHP Investment Advisors Inc. raised its holdings in Installed Building Products by 185.7% in the 3rd quarter. GHP Investment Advisors Inc. now owns 120 shares of the construction company’s stock worth $30,000 after purchasing an additional 78 shares in the last quarter. 99.61% of the stock is owned by hedge funds and other institutional investors.

Installed Building Products Stock Performance

The company’s 50-day moving average price is $230.72 and its 200 day moving average price is $222.93. The stock has a market capitalization of $6.69 billion, a PE ratio of 26.01 and a beta of 1.95. The company has a debt-to-equity ratio of 1.18, a quick ratio of 2.50 and a current ratio of 2.99.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Sunday, December 15th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 annualized dividend and a yield of 0.59%. Installed Building Products’s payout ratio is 15.56%.

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, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments.