Arizona State Retirement System cut its position in shares of Installed Building Products, Inc. (NYSE:IBP – Free Report) by 3.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,775 shares of the construction company’s stock after selling 269 shares during the quarter. Arizona State Retirement System’s holdings in Installed Building Products were worth $950,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in IBP. Covestor Ltd lifted its stake in Installed Building Products by 112.4% during the first quarter. Covestor Ltd now owns 582 shares of the construction company’s stock worth $49,000 after purchasing an additional 308 shares during the last quarter. Coppell Advisory Solutions Corp. bought a new position in Installed Building Products during the fourth quarter worth $49,000. Strs Ohio bought a new position in Installed Building Products during the first quarter worth $68,000. Benjamin Edwards Inc. lifted its stake in Installed Building Products by 115.0% during the first quarter. Benjamin Edwards Inc. now owns 645 shares of the construction company’s stock worth $74,000 after purchasing an additional 345 shares during the last quarter. Finally, US Bancorp DE lifted its stake in Installed Building Products by 291.4% during the first quarter. US Bancorp DE now owns 685 shares of the construction company’s stock worth $78,000 after purchasing an additional 510 shares during the last quarter. 82.62% of the stock is currently owned by institutional investors.
Installed Building Products Price Performance
NYSE:IBP opened at $111.81 on Wednesday. The business’s 50-day moving average price is $125.84 and its 200 day moving average price is $128.63. The firm has a market cap of $3.18 billion, a P/E ratio of 13.20, a PEG ratio of 1.45 and a beta of 1.82. Installed Building Products, Inc. has a 52-week low of $74.69 and a 52-week high of $158.18. The company has a quick ratio of 2.40, a current ratio of 2.92 and a debt-to-equity ratio of 1.50.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on IBP. The Goldman Sachs Group increased their target price on Installed Building Products from $142.00 to $158.00 and gave the stock a “neutral” rating in a research report on Thursday, August 3rd. Benchmark raised Installed Building Products from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Thursday, October 26th. Jefferies Financial Group dropped their target price on Installed Building Products from $166.00 to $140.00 in a research report on Thursday, October 12th. StockNews.com began coverage on Installed Building Products in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Finally, Stephens increased their target price on Installed Building Products from $140.00 to $168.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 3rd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $151.50.
Insiders Place Their Bets
In other news, CAO Todd R. Fry sold 500 shares of Installed Building Products stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $155.28, for a total transaction of $77,640.00. Following the sale, the chief accounting officer now owns 5,443 shares of the company’s stock, valued at approximately $845,189.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.90% of the company’s stock.
About Installed Building Products
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 continental United States. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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