Installed Building Products (IBP) Upgraded by Zacks Investment Research to “Strong-Buy”

Installed Building Products (NYSE:IBP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday, February 1st. The firm presently has a $83.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 31.02% from the stock’s previous close.

According to Zacks, “Installed Building Products, Inc. operates as a residential insulation installer in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors. It serves homebuilders, multi-family and commercial builders, individual homeowners, and repair and remodeling contractors. Installed Building Products, Inc. is headquartered in Columbus, Ohio. “

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada restated a “buy” rating and set a $69.00 price target on shares of Installed Building Products in a report on Monday, October 16th. SunTrust Banks restated a “buy” rating and set a $65.00 price target on shares of Installed Building Products in a report on Friday, November 3rd. Zelman & Associates lowered shares of Installed Building Products from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Jefferies Group began coverage on shares of Installed Building Products in a report on Tuesday, December 12th. They set a “hold” rating and a $69.00 price target on the stock. Finally, KeyCorp restated a “hold” rating on shares of Installed Building Products in a report on Wednesday, November 1st. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Installed Building Products has a consensus rating of “Buy” and an average target price of $70.57.

Installed Building Products (NYSE:IBP) traded up $1.75 during midday trading on Thursday, hitting $63.35. 368,090 shares of the company were exchanged, compared to its average volume of 194,964. The company has a debt-to-equity ratio of 1.70, a current ratio of 2.22 and a quick ratio of 1.93. Installed Building Products has a twelve month low of $40.10 and a twelve month high of $79.40. The company has a market cap of $2,018.52, a P/E ratio of 48.36 and a beta of 0.69.

In other Installed Building Products news, Director J Michael Nixon sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $73.57, for a total value of $3,678,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey W. Edwards sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $74.25, for a total transaction of $14,850,000.00. Following the completion of the transaction, the chief executive officer now owns 504,800 shares in the company, valued at approximately $37,481,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 273,000 shares of company stock worth $20,239,000. Company insiders own 32.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in IBP. Schwab Charles Investment Management Inc. increased its stake in Installed Building Products by 5.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 92,446 shares of the construction company’s stock valued at $4,896,000 after buying an additional 4,416 shares during the period. Swiss National Bank increased its stake in Installed Building Products by 20.5% in the 2nd quarter. Swiss National Bank now owns 37,033 shares of the construction company’s stock valued at $1,961,000 after buying an additional 6,300 shares during the period. Wells Fargo & Company MN increased its stake in Installed Building Products by 54.2% in the 2nd quarter. Wells Fargo & Company MN now owns 33,474 shares of the construction company’s stock valued at $1,772,000 after buying an additional 11,768 shares during the period. Alliancebernstein L.P. increased its stake in Installed Building Products by 156.9% in the 2nd quarter. Alliancebernstein L.P. now owns 65,500 shares of the construction company’s stock valued at $3,468,000 after buying an additional 40,000 shares during the period. Finally, TIAA CREF Investment Management LLC increased its stake in Installed Building Products by 15.1% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 81,717 shares of the construction company’s stock valued at $4,327,000 after buying an additional 10,738 shares during the period. Hedge funds and other institutional investors own 66.17% of the company’s stock.

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About Installed Building Products

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.

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