Truist Financial Corp Lowers Holdings in Installed Building Products, Inc. $IBP

Truist Financial Corp decreased its stake in Installed Building Products, Inc. (NYSE:IBP) by 11.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,526 shares of the construction company’s stock after selling 827 shares during the quarter. Truist Financial Corp’s holdings in Installed Building Products were worth $1,177,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of IBP. UMB Bank n.a. boosted its stake in shares of Installed Building Products by 142.1% in the first quarter. UMB Bank n.a. now owns 184 shares of the construction company’s stock worth $32,000 after buying an additional 108 shares during the last quarter. Fifth Third Bancorp boosted its position in Installed Building Products by 74.6% in the 1st quarter. Fifth Third Bancorp now owns 227 shares of the construction company’s stock worth $39,000 after purchasing an additional 97 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Installed Building Products by 36.7% in the 1st quarter. Advisors Asset Management Inc. now owns 555 shares of the construction company’s stock worth $95,000 after purchasing an additional 149 shares in the last quarter. Covestor Ltd boosted its holdings in Installed Building Products by 92.1% during the first quarter. Covestor Ltd now owns 557 shares of the construction company’s stock worth $96,000 after buying an additional 267 shares in the last quarter. Finally, CWM LLC boosted its holdings in Installed Building Products by 178.7% during the first quarter. CWM LLC now owns 588 shares of the construction company’s stock worth $101,000 after buying an additional 377 shares in the last quarter. Hedge funds and other institutional investors own 99.61% of the company’s stock.

Installed Building Products Trading Down 0.6%

Shares of IBP stock opened at $239.07 on Monday. The stock’s fifty day moving average is $256.66 and its two-hundred day moving average is $203.17. The company has a debt-to-equity ratio of 1.27, a quick ratio of 2.31 and a current ratio of 2.85. The firm has a market capitalization of $6.53 billion, a P/E ratio of 26.59 and a beta of 1.83. Installed Building Products, Inc. has a fifty-two week low of $150.83 and a fifty-two week high of $280.00.

Installed Building Products (NYSE:IBP) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.50. The firm had revenue of $760.30 million for the quarter, compared to the consensus estimate of $711.37 million. Installed Building Products had a net margin of 8.45% and a return on equity of 60.27%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm posted $2.84 earnings per share. Research analysts expect that Installed Building Products, Inc. will post 10.66 earnings per share for the current fiscal year.

Installed Building Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.37 per share. The ex-dividend date was Monday, September 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.6%. Installed Building Products’s dividend payout ratio (DPR) is presently 16.46%.

Insider Buying and Selling

In related news, insider William Jeffrey Hire sold 6,500 shares of Installed Building Products stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $265.71, for a total transaction of $1,727,115.00. Following the transaction, the insider owned 37,999 shares in the company, valued at approximately $10,096,714.29. This trade represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Todd R. Fry sold 500 shares of Installed Building Products stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $257.27, for a total value of $128,635.00. Following the transaction, the chief accounting officer owned 6,822 shares in the company, valued at approximately $1,755,095.94. The trade was a 6.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,655 shares of company stock worth $3,123,578. 16.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IBP. Wall Street Zen downgraded shares of Installed Building Products from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Evercore ISI set a $240.00 target price on shares of Installed Building Products in a research note on Tuesday, October 7th. Danske downgraded Installed Building Products from a “buy” rating to a “hold” rating and set a $252.00 price target on the stock. in a research report on Tuesday, August 12th. Zelman & Associates upgraded Installed Building Products from an “underperform” rating to a “neutral” rating in a research report on Friday, August 8th. Finally, Jefferies Financial Group increased their price target on Installed Building Products from $175.00 to $225.00 and gave the stock a “hold” rating in a research report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Installed Building Products has an average rating of “Hold” and a consensus target price of $220.45.

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.