Corebridge Financial Inc. Sells 996 Shares of Installed Building Products, Inc. (NYSE:IBP)

Corebridge Financial Inc. lessened its holdings in Installed Building Products, Inc. (NYSE:IBP) by 7.3% in the fourth quarter, HoldingsChannel reports. The fund owned 12,734 shares of the construction company’s stock after selling 996 shares during the period. Corebridge Financial Inc.’s holdings in Installed Building Products were worth $2,232,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of IBP. Arizona State Retirement System raised its stake in Installed Building Products by 0.8% in the 4th quarter. Arizona State Retirement System now owns 6,966 shares of the construction company’s stock worth $1,221,000 after purchasing an additional 56 shares in the last quarter. Dana Investment Advisors Inc. increased its holdings in shares of Installed Building Products by 0.9% during the fourth quarter. Dana Investment Advisors Inc. now owns 7,778 shares of the construction company’s stock worth $1,363,000 after purchasing an additional 71 shares during the period. Blue Trust Inc. raised its position in shares of Installed Building Products by 7.9% in the fourth quarter. Blue Trust Inc. now owns 1,257 shares of the construction company’s stock valued at $220,000 after buying an additional 92 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Installed Building Products by 2.7% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 3,518 shares of the construction company’s stock valued at $617,000 after buying an additional 93 shares during the period. Finally, Sanctuary Advisors LLC grew its position in Installed Building Products by 8.9% during the fourth quarter. Sanctuary Advisors LLC now owns 1,561 shares of the construction company’s stock worth $274,000 after buying an additional 128 shares in the last quarter. 99.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com cut Installed Building Products from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Evercore ISI cut shares of Installed Building Products from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $238.00 to $206.00 in a research report on Monday, December 16th. DA Davidson decreased their target price on shares of Installed Building Products from $260.00 to $225.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Benchmark cut their price target on shares of Installed Building Products from $250.00 to $210.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Finally, The Goldman Sachs Group reduced their price target on shares of Installed Building Products from $262.00 to $228.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $216.09.

Installed Building Products Stock Performance

NYSE IBP opened at $172.35 on Wednesday. The firm’s fifty day moving average price is $179.63 and its two-hundred day moving average price is $202.12. The stock has a market cap of $4.78 billion, a PE ratio of 19.15 and a beta of 2.05. The company has a debt-to-equity ratio of 1.18, a quick ratio of 2.50 and a current ratio of 2.99. Installed Building Products, Inc. has a fifty-two week low of $159.77 and a fifty-two week high of $281.04.

Installed Building Products Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, March 14th. This is a boost from Installed Building Products’s previous quarterly dividend of $0.35. Installed Building Products’s dividend payout ratio is presently 16.26%.

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.