Installed Building Products (NYSE:IBP) Shares Down 4.7% – Here’s Why

Installed Building Products, Inc. (NYSE:IBP) dropped 4.7% during trading on Tuesday . The stock traded as low as $223.29 and last traded at $224.71. Approximately 18,222 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 293,905 shares. The stock had previously closed at $235.76.

Analysts Set New Price Targets

IBP has been the subject of several recent analyst reports. Evercore ISI raised their price objective on shares of Installed Building Products from $271.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada downgraded shares of Installed Building Products from a “sector perform” rating to an “underperform” rating and dropped their target price for the company from $203.00 to $197.00 in a report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of Installed Building Products from $236.00 to $241.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Truist Financial raised their target price on shares of Installed Building Products from $235.00 to $240.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, The Goldman Sachs Group raised their target price on shares of Installed Building Products from $260.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $253.70.

Installed Building Products Trading Up 0.2 %

The firm has a market capitalization of $6.36 billion, a PE ratio of 25.10 and a beta of 1.95. The company has a quick ratio of 2.50, a current ratio of 2.99 and a debt-to-equity ratio of 1.18. The business’s fifty day moving average price is $230.45 and its 200 day moving average price is $222.88.

Installed Building Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.62%. Installed Building Products’s dividend payout ratio (DPR) is presently 15.56%.

Institutional Investors Weigh In On Installed Building Products

Hedge funds and other institutional investors have recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Installed Building Products in the first quarter worth approximately $96,248,000. FMR LLC boosted its position in shares of Installed Building Products by 61.5% in the third quarter. FMR LLC now owns 965,551 shares of the construction company’s stock worth $237,786,000 after acquiring an additional 367,628 shares during the last quarter. Summit Partners Public Asset Management LLC acquired a new stake in shares of Installed Building Products in the third quarter worth approximately $54,499,000. Price T Rowe Associates Inc. MD boosted its position in shares of Installed Building Products by 1,328.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 197,526 shares of the construction company’s stock worth $51,107,000 after acquiring an additional 183,696 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Installed Building Products in the third quarter worth approximately $34,635,000. 99.61% of the stock is currently owned by hedge funds and other institutional investors.

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.