Joseph Group Capital Management Purchases Shares of 12,160 Installed Building Products, Inc. (NYSE:IBP)

Joseph Group Capital Management acquired a new position in shares of Installed Building Products, Inc. (NYSE:IBP) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 12,160 shares of the construction company’s stock, valued at approximately $2,995,000. Installed Building Products makes up approximately 1.1% of Joseph Group Capital Management’s investment portfolio, making the stock its 23rd largest holding.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in Installed Building Products in the first quarter worth approximately $29,000. Russell Investments Group Ltd. raised its stake in Installed Building Products by 13,898.5% in the first quarter. Russell Investments Group Ltd. now owns 19,178 shares of the construction company’s stock valued at $4,962,000 after buying an additional 19,041 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Installed Building Products by 25.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 8,456 shares of the construction company’s stock worth $2,188,000 after buying an additional 1,690 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Installed Building Products during the 1st quarter worth about $17,806,000. Finally, Vanguard Group Inc. boosted its position in shares of Installed Building Products by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,641,445 shares of the construction company’s stock worth $683,421,000 after acquiring an additional 18,890 shares in the last quarter. 99.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IBP. Stephens reissued an “equal weight” rating and set a $240.00 target price on shares of Installed Building Products in a research report on Monday, August 5th. Truist Financial boosted their price objective on shares of Installed Building Products from $235.00 to $240.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. StockNews.com upgraded shares of Installed Building Products from a “hold” rating to a “buy” rating in a report on Friday. DA Davidson cut their price target on shares of Installed Building Products from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, 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 research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Installed Building Products presently has an average rating of “Hold” and an average price target of $252.30.

Installed Building Products Stock Performance

Shares of IBP stock opened at $205.15 on Tuesday. The company has a current ratio of 2.99, a quick ratio of 2.50 and a debt-to-equity ratio of 1.18. The stock has a 50 day simple moving average of $230.77 and a 200-day simple moving average of $224.04. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 22.79 and a beta of 1.95. Installed Building Products, Inc. has a 12-month low of $141.14 and a 12-month high of $281.04.

Installed Building Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Sunday, December 15th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.68%. The ex-dividend date is Friday, December 13th. Installed Building Products’s payout ratio is 15.56%.

Installed Building Products 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.