Boston Partners has raised its stake in Installed Building Products, Inc. (NYSE: IBP) by 14.1% during the second quarter of 2023, according to a recent disclosure filed with the Securities and Exchange Commission (SEC). The investment firm now owns 143,917 shares of the construction company after purchasing an additional 17,828 shares during the quarter. At the end of this period, Boston Partners held approximately 0.52% of Installed Building Products, valued at $26.735 million.
Several other institutional investors have also adjusted their positions in Installed Building Products. Curio Wealth LLC made a significant increase, raising its stake by an astonishing 16,800.0% in the second quarter, bringing its total to 169 shares valued at $30,000 after acquiring an additional 168 shares. SRH Advisors LLC increased its position by 70.8%, now owning 205 shares valued at $37,000. Advisors Asset Management Inc. raised its stake by 36.7% in the first quarter, owning 555 shares worth $95,000 after purchasing an additional 149 shares.
Covestor Ltd also lifted its stake by 92.1%, now holding 557 shares valued at $96,000 after an additional 267 shares purchase. Finally, CWM LLC boosted its position by 178.7%, owning 588 shares valued at $101,000. Collectively, institutional investors and hedge funds currently own 99.61% of the stock.
In related developments, Janet E. Jackson, a director at Installed Building Products, sold 1,469 shares on August 22, 2023, at an average price of $266.00, resulting in a total transaction value of $390,754.00. Following this sale, Jackson’s ownership decreased by 17.61%, leaving her with 6,873 shares valued at approximately $1.828 million.
Another insider, William Jeffrey Hire, sold 5,000 shares on November 7, 2023, at an average price of $251.63, totaling $1.258 million. After this transaction, Hire owned 32,999 shares, valued at around $8.304 million, indicating a 13.16% decline in his ownership. Over the past three months, insiders have sold a total of 9,655 shares worth $2.526 million. Currently, corporate insiders own 16.20% of the stock.
Stock Performance and Financial Outlook
Installed Building Products opened at $265.36 on Thursday, with a 50-day moving average of $256.06 and a 200-day moving average of $217.80. The company holds a market capitalization of $7.20 billion, a P/E ratio of 29.52, and a beta of 1.81. Its debt-to-equity ratio stands at 1.27, with a current ratio of 2.85 and a quick ratio of 2.31. Over the past year, Installed Building Products has seen a low of $150.83 and a high of $280.00.
The company recently reported its earnings results on November 5, 2023, revealing earnings per share of $3.18, surpassing analysts’ expectations of $2.69 by $0.49. It generated revenue of $778.20 million for the quarter, exceeding analyst projections of $751.98 million. The firm reported a net margin of 8.45% and a return on equity of 60.27%, with quarterly revenue up 2.3% compared to the previous year.
Dividend Announcement
Installed Building Products has also disclosed a quarterly dividend of $0.37, scheduled for payment on December 31, 2023. Shareholders of record on December 15, 2023 will receive this dividend, with the ex-dividend date also set for December 15. This dividend represents an annualized total of $1.48 and translates to a dividend yield of 0.6%. The company’s dividend payout ratio currently stands at 15.93%.
Installed Building Products, Inc. specializes in the installation of various products, including insulation, waterproofing, fire-stopping, and garage doors, operating primarily in the United States across several segments: Installation, Distribution, and Manufacturing.
