Bank of New York Mellon Corp Trims Stock Holdings in Installed Building Products, Inc. (NYSE:IBP)

Bank of New York Mellon Corp lowered its position in Installed Building Products, Inc. (NYSE:IBP) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 203,339 shares of the construction company’s stock after selling 1,944 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Installed Building Products worth $34,864,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. VELA Investment Management LLC acquired a new stake in Installed Building Products in the first quarter valued at $563,000. Fisher Funds Management LTD boosted its stake in Installed Building Products by 15.1% in the 1st quarter. Fisher Funds Management LTD now owns 80,736 shares of the construction company’s stock worth $13,843,000 after buying an additional 10,605 shares during the last quarter. Leeward Investments LLC MA boosted its stake in Installed Building Products by 36.1% in the 1st quarter. Leeward Investments LLC MA now owns 92,080 shares of the construction company’s stock worth $15,788,000 after buying an additional 24,400 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Installed Building Products by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 130,190 shares of the construction company’s stock worth $22,322,000 after purchasing an additional 3,318 shares during the period. Finally, Teacher Retirement System of Texas purchased a new position in shares of Installed Building Products in the 1st quarter worth about $600,000. Hedge funds and other institutional investors own 99.61% of the company’s stock.

Installed Building Products Trading Down 4.1%

Shares of NYSE:IBP opened at $190.58 on Wednesday. Installed Building Products, Inc. has a 12-month low of $150.83 and a 12-month high of $281.04. The stock has a market cap of $5.26 billion, a PE ratio of 21.73 and a beta of 1.74. The business has a 50 day moving average of $172.66 and a 200-day moving average of $174.95. The company has a quick ratio of 2.31, a current ratio of 2.89 and a debt-to-equity ratio of 1.28.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings results on Thursday, May 8th. The construction company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($0.15). The firm had revenue of $684.80 million for the quarter, compared to analyst estimates of $681.34 million. Installed Building Products had a return on equity of 60.73% and a net margin of 8.39%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.47 EPS. As a group, equities research analysts forecast that Installed Building Products, Inc. will post 10.66 earnings per share for the current year.

Installed Building Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, June 13th. Installed Building Products’s dividend payout ratio is currently 16.88%.

Analyst Ratings Changes

IBP has been the subject of several research reports. Benchmark decreased their target price on Installed Building Products from $210.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Loop Capital dropped their price objective on Installed Building Products from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Installed Building Products in a research note on Tuesday, April 1st. They issued a “hold” rating and a $183.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Installed Building Products presently has a consensus rating of “Hold” and a consensus price target of $212.45.

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 United States. It operates through Installation, Distribution, and Manufacturing operation segments.