Installed Building Products (NYSE:IBP) Trading 9.4% Higher Following Analyst Upgrade

Installed Building Products, Inc. (NYSE:IBP)’s stock price traded up 9.4% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $236.00 to $241.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Installed Building Products traded as high as $238.04 and last traded at $237.59. 161,547 shares traded hands during trading, a decline of 45% from the average session volume of 293,768 shares. The stock had previously closed at $217.09.

Other equities analysts have also recently issued research reports about the stock. Truist Financial lifted their price objective on shares of Installed Building Products from $235.00 to $240.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. DA Davidson decreased their price target on shares of Installed Building Products from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Royal Bank of Canada downgraded Installed Building Products from a “sector perform” rating to an “underperform” rating and cut their price objective for the company from $203.00 to $197.00 in a research report on Friday, November 8th. StockNews.com upgraded Installed Building Products from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Finally, Jefferies Financial Group boosted their target price on Installed Building Products from $240.00 to $252.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $253.70.

Institutional Trading of Installed Building Products

Several institutional investors have recently made changes to their positions in IBP. Swedbank AB lifted its holdings in Installed Building Products by 11.6% in the 2nd quarter. Swedbank AB now owns 415,000 shares of the construction company’s stock worth $85,357,000 after purchasing an additional 43,000 shares during the last quarter. Blue Trust Inc. grew its holdings in Installed Building Products by 456.2% in the 2nd quarter. Blue Trust Inc. now owns 3,810 shares of the construction company’s stock valued at $784,000 after buying an additional 3,125 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Installed Building Products by 1,328.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 197,526 shares of the construction company’s stock worth $51,107,000 after buying an additional 183,696 shares during the period. Summit Global Investments acquired a new stake in shares of Installed Building Products in the second quarter worth $1,146,000. Finally, Creative Planning increased its position in Installed Building Products by 39.6% during the third quarter. Creative Planning now owns 7,712 shares of the construction company’s stock worth $1,899,000 after acquiring an additional 2,187 shares during the period. 99.61% of the stock is currently owned by institutional investors and hedge funds.

Installed Building Products Trading Up 8.6 %

The company has a debt-to-equity ratio of 1.18, a quick ratio of 2.50 and a current ratio of 2.99. The company’s 50 day moving average is $230.72 and its 200 day moving average is $222.93. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of 26.01 and a beta of 1.95.

Installed Building Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Sunday, December 15th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Friday, December 13th. Installed Building Products’s dividend payout ratio is currently 15.56%.

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.