Ergoteles LLC lessened its holdings in shares of Installed Building Products, Inc. (NYSE:IBP – Get Rating) by 67.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,491 shares of the construction company’s stock after selling 5,277 shares during the quarter. Ergoteles LLC’s holdings in Installed Building Products were worth $202,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Ronald Blue Trust Inc. acquired a new stake in shares of Installed Building Products in the second quarter valued at approximately $43,000. Covestor Ltd raised its holdings in shares of Installed Building Products by 112.4% during the 1st quarter. Covestor Ltd now owns 582 shares of the construction company’s stock worth $49,000 after acquiring an additional 308 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Installed Building Products during the 2nd quarter worth $72,000. CI Investments Inc. acquired a new position in shares of Installed Building Products during the 2nd quarter valued at about $83,000. Finally, Premier Fund Managers Ltd grew its holdings in shares of Installed Building Products by 57.0% in the third quarter. Premier Fund Managers Ltd now owns 1,683 shares of the construction company’s stock valued at $137,000 after purchasing an additional 611 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Analysts Set New Price Targets
IBP has been the topic of several recent analyst reports. Royal Bank of Canada boosted their target price on shares of Installed Building Products from $79.00 to $85.00 and gave the company an “underperform” rating in a report on Thursday, February 23rd. StockNews.com lowered Installed Building Products from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft upgraded Installed Building Products from a “hold” rating to a “buy” rating and lifted their target price for the company from $90.00 to $124.00 in a research report on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $102.30.
Installed Building Products Trading Down 2.5 %
Installed Building Products Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a $1.23 dividend. This is an increase from Installed Building Products’s previous quarterly dividend of $0.32. This represents a $4.92 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, March 14th. Installed Building Products’s payout ratio is currently 16.24%.
Installed Building Products Profile
Installed Building Products, Inc engages in the business of installing insulation for the residential new construction market. Its products include garage doors, rain gutters, shower doors, closet shelving, and mirrors. The company was founded in 1977 and is headquartered in Columbus, OH.
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