Installed Building Products (NYSE:IBP) Shares Down 4.7% – Here’s What Happened

Installed Building Products, Inc. (NYSE:IBP) shares dropped 4.7% during trading on Tuesday . The company traded as low as $223.29 and last traded at $224.71. Approximately 18,222 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 293,905 shares. The stock had previously closed at $235.76.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IBP shares. The Goldman Sachs Group upped their target price on shares of Installed Building Products from $260.00 to $295.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada lowered shares of Installed Building Products from a “sector perform” rating to an “underperform” rating and reduced their target price for the stock from $203.00 to $197.00 in a research note on Friday, November 8th. Truist Financial upped their target price on shares of Installed Building Products from $235.00 to $240.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Evercore ISI upped their target price on shares of Installed Building Products from $271.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $240.00 target price on shares of Installed Building Products in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $253.70.

Installed Building Products Price Performance

The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 26.20 and a beta of 1.95. The company’s 50 day moving average is $230.91 and its 200-day moving average is $222.92. The company has a current ratio of 2.99, a quick ratio of 2.50 and a debt-to-equity ratio of 1.18.

Installed Building Products Dividend Announcement

The company also recently announced 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 is Friday, December 13th. This represents a $1.40 annualized dividend and a yield of 0.62%. Installed Building Products’s dividend payout ratio (DPR) is currently 15.56%.

Institutional Investors Weigh In On Installed Building Products

Hedge funds have recently bought and sold shares of the company. Swedbank AB lifted its stake in Installed Building Products by 11.6% in the 2nd quarter. Swedbank AB now owns 415,000 shares of the construction company’s stock valued at $85,357,000 after purchasing an additional 43,000 shares during the last quarter. Blue Trust Inc. raised its holdings in Installed Building Products by 456.2% in the 2nd quarter. Blue Trust Inc. now owns 3,810 shares of the construction company’s stock valued at $784,000 after acquiring an additional 3,125 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Installed Building Products by 1,328.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 197,526 shares of the construction company’s stock valued at $51,107,000 after acquiring an additional 183,696 shares during the period. Summit Global Investments bought a new position in Installed Building Products in the 2nd quarter valued at about $1,146,000. Finally, Creative Planning raised its holdings in Installed Building Products by 39.6% in the 3rd quarter. Creative Planning now owns 7,712 shares of the construction company’s stock valued at $1,899,000 after acquiring an additional 2,187 shares during the period. 99.61% of the stock is currently owned by institutional investors and hedge funds.

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.