Hsbc Holdings PLC Acquires New Holdings in Installed Building Products, Inc. (NYSE:IBP)

Posted by Defense World Staff on Mar 8th, 2023

Hsbc Holdings PLC acquired a new stake in shares of Installed Building Products, Inc. (NYSE:IBP – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,960 shares of the construction company’s stock, valued at approximately $410,000.

Other institutional investors also recently added to or reduced their stakes in the company. Ronald Blue Trust Inc. bought a new stake in Installed Building Products during the second quarter valued at about $43,000. Covestor Ltd boosted its holdings in Installed Building Products by 112.4% in the first quarter. Covestor Ltd now owns 582 shares of the construction company’s stock worth $49,000 after acquiring an additional 308 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Installed Building Products in the second quarter worth about $72,000. CI Investments Inc. acquired a new stake in Installed Building Products in the second quarter worth about $83,000. Finally, Premier Fund Managers Ltd boosted its holdings in Installed Building Products by 57.0% in the third quarter. Premier Fund Managers Ltd now owns 1,683 shares of the construction company’s stock worth $137,000 after acquiring an additional 611 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on IBP shares. Royal Bank of Canada raised their price target on Installed Building Products from $79.00 to $85.00 and gave the stock an “underperform” rating in a report on Thursday, February 23rd. Deutsche Bank Aktiengesellschaft raised Installed Building Products from a “hold” rating to a “buy” rating and raised their price target for the stock from $90.00 to $124.00 in a report on Tuesday, January 10th. Finally, StockNews.com downgraded Installed Building Products from a “strong-buy” rating to a “buy” rating in a report on Friday, March 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.30.

Insider Activity at Installed Building Products

In related news, CFO Michael Thomas Miller sold 21,918 shares of Installed Building Products stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $119.28, for a total transaction of $2,614,379.04. Following the completion of the transaction, the chief financial officer now directly owns 23,772 shares in the company, valued at $2,835,524.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.90% of the stock is owned by company insiders.

Installed Building Products Stock Down 2.5 %

Shares of IBP stock opened at $114.86 on Wednesday. The stock has a 50 day moving average of $105.56 and a 200 day moving average of $92.56. The company has a current ratio of 2.70, a quick ratio of 2.16 and a debt-to-equity ratio of 1.70. The stock has a market cap of $3.25 billion, a P/E ratio of 14.80 and a beta of 1.69. Installed Building Products, Inc. has a twelve month low of $69.44 and a twelve month high of $121.60.

Installed Building Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a dividend of $1.23 per share. This is a boost from Installed Building Products’s previous quarterly dividend of $0.32. This represents a $4.92 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Tuesday, March 14th. Installed Building Products’s dividend payout ratio (DPR) is currently 17.01%.

Installed Building Products Profile

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Installed Building Products, Inc engages in the business of installing insulation for the residential new construction market. Its products include garage doors, rain gutters, shower doors, closet shelving, and mirrors. The company was founded in 1977 and is headquartered in Columbus, OH.