April 19, 2023 – Installed Building Products, Inc. (NYSE:IBP) has recently been involved in a series of transactions, including shares being bought and sold by the company’s top executives. This news comes after Allspring Global Investments Holdings LLC boosted their stake in the company by 223.5% during the fourth quarter, according to their most recent 13F filing with the Securities and Exchange Commission.
Allspring Global Investments Holdings LLC now owns 4,109 shares of IBP stock after buying an additional 2,839 shares during that quarter. The institutional investor’s holdings in the construction company were worth $352,000 at the end of their most recent reporting period.
In other IBP news, CAO Todd R. Fry sold 500 shares of Installed Building Products stock on March 13th for an average price of $107.32 per share. Following this transaction, Fry now owns 7,032 shares of the company’s stock valued at approximately $754,674.24.
CFO Michael Thomas Miller also made headlines when he sold 21,918 shares of IBP stock on March 3rd for an average price of $119.28 per share. Following this sale, Miller currently holds onto 23,772 shares valued at $2,835,524.16.
It is noteworthy that in just the last ninety days alone insiders have already sold more than one hundred thousand shares of company stock worth over thirteen million dollars collectively. Around seventeen percent of IBP’s current stock is currently owned by insiders.
As for its financial status and position among competitors within its market niche; IBP opened at $118.82 yesterday and boasts a market cap valued at $3.37 billion as well as a PE ratio reaching up to nearly sixteen times their earnings power which some see as high in comparison with its competitors given IBPs revenue size of around a half-billion dollars.
Additionally, the company has a quick and current ratio of 2.16 and 2.70 respectively, giving it strong liquidity to continue weathering the volatile market conditions that companies of its size face.
It remains to be seen how these transactions will impact IBP’s future prospects within the industry, but experts advise investors to keep a close eye on any upcoming developments as this could provide crucial insight into the direction in which their stock may be headed.
Institutional Investors Show Confidence in Installed Building Products’ Growth Potential
As the construction industry continues to grow, so does the demand for companies like Installed Building Products (IBP). Recently, several institutional investors have increased their holdings in IBP, including BlackRock Inc., Vanguard Group Inc., and Invesco Ltd. According to a report on Bloomberg.com, these institutional investors now own almost 78% of the company’s stock.
Equity research analysts have also taken notice of IBP’s potential for growth. Deutsche Bank Aktiengesellschaft recently upgraded IBP from a “hold” rating to a “buy,” lifting its price objective from $90.00 to $124.00. StockNews.com has issued a “buy” rating while Royal Bank of Canada has given it an “underperform” rating with a target price increase from $79.00 to $85.00.
Installed Building Products also declared a quarterly dividend in March 2023, increasing it significantly from its previous one of $0.32 per share. The new dividend of $1.23 per share represents an annualized dividend yield of 4.14%. This reflects the company’s focus on providing returns to its shareholders while continuing its upward trajectory towards growth and expansion.
Overall, despite some mixed reviews from equity research analysts, it is clear that Installed Building Products has captured the attention and investment capital of prominent institutional investors who see great future potential in this construction sector giant.