Mackenzie Financial Corp Invests $276,000 in Installed Building Products, Inc. (NYSE:IBP)

Mackenzie Financial Corp purchased a new position in Installed Building Products, Inc. (NYSE:IBP) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,508 shares of the construction company’s stock, valued at approximately $276,000.

Several other hedge funds have also recently modified their holdings of IBP. McGlone Suttner Wealth Management Inc. acquired a new position in Installed Building Products during the 4th quarter valued at approximately $33,000. Asset Management One Co. Ltd. acquired a new position in Installed Building Products during the 4th quarter valued at approximately $121,000. CI Investments Inc. acquired a new position in Installed Building Products during the 3rd quarter valued at approximately $141,000. Strs Ohio increased its stake in shares of Installed Building Products by 40.0% in the third quarter. Strs Ohio now owns 1,400 shares of the construction company’s stock worth $174,000 after acquiring an additional 400 shares during the period. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Installed Building Products in the third quarter worth $247,000. Hedge funds and other institutional investors own 99.61% of the company’s stock.

Insider Activity at Installed Building Products

In related news, CAO Todd R. Fry sold 500 shares of Installed Building Products stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $233.50, for a total value of $116,750.00. Following the completion of the transaction, the chief accounting officer now owns 7,176 shares in the company, valued at $1,675,596. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Todd R. Fry sold 500 shares of Installed Building Products stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $233.50, for a total value of $116,750.00. Following the completion of the transaction, the chief accounting officer now owns 7,176 shares in the company, valued at $1,675,596. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Thomas Miller sold 5,000 shares of Installed Building Products stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $243.34, for a total transaction of $1,216,700.00. Following the completion of the transaction, the chief financial officer now owns 38,320 shares of the company’s stock, valued at approximately $9,324,788.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,619 shares of company stock worth $1,606,732. Corporate insiders own 16.50% of the company’s stock.

Installed Building Products Price Performance

Installed Building Products stock opened at $239.66 on Monday. Installed Building Products, Inc. has a 12-month low of $103.50 and a 12-month high of $263.76. The stock has a market cap of $6.82 billion, a P/E ratio of 27.84 and a beta of 1.89. The company has a 50-day moving average price of $239.93 and a 200 day moving average price of $189.63. The company has a current ratio of 3.09, a quick ratio of 2.62 and a debt-to-equity ratio of 1.26.

Installed Building Products (NYSE:IBP) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.42 by $0.03. Installed Building Products had a net margin of 8.77% and a return on equity of 47.18%. The business had revenue of $720.70 million during the quarter, compared to analysts’ expectations of $688.59 million. During the same period last year, the business earned $2.34 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts anticipate that Installed Building Products, Inc. will post 11.2 earnings per share for the current year.

Installed Building Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, March 31st. Investors of record on Friday, March 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 2.67%. This is a boost from Installed Building Products’s previous quarterly dividend of $0.33. Installed Building Products’s payout ratio is 16.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on IBP shares. The Goldman Sachs Group reiterated a “buy” rating on shares of Installed Building Products in a research note on Thursday, February 1st. Evercore ISI increased their price objective on shares of Installed Building Products from $226.00 to $272.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. Truist Financial raised their price target on shares of Installed Building Products from $200.00 to $235.00 and gave the company a “hold” rating in a research report on Friday, February 23rd. DA Davidson began coverage on shares of Installed Building Products in a research report on Tuesday, March 5th. They set a “buy” rating and a $275.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered shares of Installed Building Products from an “overweight” rating to a “neutral” rating and raised their price target for the company from $199.00 to $242.00 in a research report on Wednesday, February 28th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $208.40.

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.