Joseph Group Capital Management Purchases 1,688 Shares of Installed Building Products, Inc. (NYSE:IBP)

Joseph Group Capital Management grew its holdings in Installed Building Products, Inc. (NYSE:IBP) by 13.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 13,848 shares of the construction company’s stock after acquiring an additional 1,688 shares during the period. Joseph Group Capital Management’s holdings in Installed Building Products were worth $2,427,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IBP. FMR LLC grew its position in Installed Building Products by 61.5% in the third quarter. FMR LLC now owns 965,551 shares of the construction company’s stock valued at $237,786,000 after acquiring an additional 367,628 shares during the period. Norges Bank bought a new stake in shares of Installed Building Products in the 4th quarter worth about $28,509,000. Wellington Management Group LLP acquired a new stake in shares of Installed Building Products during the 3rd quarter worth about $34,635,000. Raymond James Financial Inc. bought a new position in Installed Building Products during the 4th quarter valued at about $23,776,000. Finally, State Street Corp grew its stake in Installed Building Products by 8.4% during the third quarter. State Street Corp now owns 1,248,515 shares of the construction company’s stock worth $307,472,000 after buying an additional 96,780 shares during the last quarter. Institutional investors own 99.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on IBP. StockNews.com cut shares of Installed Building Products from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. DA Davidson reduced their price objective on Installed Building Products from $260.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Evercore ISI lowered Installed Building Products from an “outperform” rating to an “underperform” rating and lowered their target price for the company from $238.00 to $206.00 in a research note on Monday, December 16th. Truist Financial reduced their price target on shares of Installed Building Products from $240.00 to $180.00 and set a “hold” rating on the stock in a research report on Monday, March 3rd. Finally, Loop Capital lowered their price objective on shares of Installed Building Products from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $219.40.

Installed Building Products Price Performance

Shares of IBP opened at $170.96 on Friday. The company has a current ratio of 2.99, a quick ratio of 2.50 and a debt-to-equity ratio of 1.18. The company’s fifty day simple moving average is $180.70 and its 200 day simple moving average is $202.78. Installed Building Products, Inc. has a 1-year low of $159.77 and a 1-year high of $281.04. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 19.00 and a beta of 2.05.

Installed Building Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Installed Building Products’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 0.87%. Installed Building Products’s payout ratio is currently 16.26%.

Installed Building Products Profile

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.