Installed Building Products, Inc. (NYSE:IBP – Get Free Report) announced a quarterly dividend on Thursday, February 22nd, NASDAQ reports. Shareholders of record on Friday, March 15th will be given a dividend of 1.60 per share by the construction company on Sunday, March 31st. This represents a $6.40 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Thursday, March 14th. This is a boost from Installed Building Products’s previous quarterly dividend of $0.33.
Installed Building Products has a payout ratio of 10.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Installed Building Products to earn $11.74 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 11.9%.
Installed Building Products Stock Down 0.5 %
Shares of Installed Building Products stock opened at $236.69 on Tuesday. Installed Building Products has a one year low of $102.57 and a one year high of $247.98. The company has a debt-to-equity ratio of 1.26, a current ratio of 3.09 and a quick ratio of 2.62. The stock’s 50-day moving average is $204.68 and its 200 day moving average is $162.35. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 1.54 and a beta of 1.89.
Analyst Upgrades and Downgrades
IBP has been the topic of several recent research reports. DA Davidson initiated coverage on Installed Building Products in a report on Tuesday, March 5th. They issued a “buy” rating and a $275.00 price target on the stock. The Goldman Sachs Group reiterated a “buy” rating on shares of Installed Building Products in a report on Thursday, February 1st. Loop Capital upgraded Installed Building Products from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Evercore ISI increased their price target on Installed Building Products from $165.00 to $226.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, Royal Bank of Canada increased their price objective on Installed Building Products from $188.00 to $216.00 and gave the stock a “sector perform” rating in a research note on Friday, February 23rd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Installed Building Products currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.80.
Insider Activity at Installed Building Products
In related news, COO Brad A. Wheeler sold 1,119 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $244.22, for a total transaction of $273,282.18. Following the completion of the sale, the chief operating officer now directly owns 6,679 shares of the company’s stock, valued at $1,631,145.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Installed Building Products news, CFO Michael Thomas Miller sold 5,000 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $243.34, for a total value of $1,216,700.00. Following the completion of the sale, the chief financial officer now directly owns 38,320 shares of the company’s stock, valued at $9,324,788.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brad A. Wheeler sold 1,119 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $244.22, for a total value of $273,282.18. Following the completion of the sale, the chief operating officer now directly owns 6,679 shares of the company’s stock, valued at $1,631,145.38. The disclosure for this sale can be found here. 17.90% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Installed Building Products
A number of large investors have recently made changes to their positions in IBP. JPMorgan Chase & Co. boosted its holdings in shares of Installed Building Products by 16.9% in the first quarter. JPMorgan Chase & Co. now owns 20,337 shares of the construction company’s stock worth $1,718,000 after acquiring an additional 2,940 shares during the period. Bank of Montreal Can boosted its stake in Installed Building Products by 2.6% during the first quarter. Bank of Montreal Can now owns 8,295 shares of the construction company’s stock valued at $730,000 after buying an additional 209 shares during the period. MetLife Investment Management LLC boosted its stake in Installed Building Products by 51.7% during the first quarter. MetLife Investment Management LLC now owns 12,596 shares of the construction company’s stock valued at $1,064,000 after buying an additional 4,291 shares during the period. Rhumbline Advisers boosted its stake in Installed Building Products by 8.9% during the first quarter. Rhumbline Advisers now owns 58,380 shares of the construction company’s stock valued at $4,933,000 after buying an additional 4,791 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Installed Building Products by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,232 shares of the construction company’s stock valued at $1,709,000 after buying an additional 2,494 shares during the period. 82.62% of the stock is owned by 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 continental United States. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials.
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