Pembroke Management LTD Has $27.27 Million Stake in Installed Building Products, Inc. (NYSE:IBP)

Posted by Lorenzo Tanos on Mar 19th, 2023

Pembroke Management LTD lowered its position in shares of Installed Building Products, Inc. (NYSE:IBP – Get Rating) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 318,589 shares of the construction company’s stock after selling 3,353 shares during the quarter. Installed Building Products makes up about 2.9% of Pembroke Management LTD’s investment portfolio, making the stock its 8th largest position. Pembroke Management LTD owned approximately 1.11% of Installed Building Products worth $27,271,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in IBP. Vanguard Group Inc. increased its holdings in Installed Building Products by 13.2% in the first quarter. Vanguard Group Inc. now owns 2,836,175 shares of the construction company’s stock valued at $239,629,000 after purchasing an additional 329,661 shares during the last quarter. BlackRock Inc. increased its holdings in Installed Building Products by 4.3% in the third quarter. BlackRock Inc. now owns 3,888,007 shares of the construction company’s stock valued at $314,889,000 after purchasing an additional 160,517 shares during the last quarter. Royal London Asset Management Ltd. bought a new stake in Installed Building Products in the second quarter valued at about $11,274,000. Blue Grotto Capital LLC increased its holdings in Installed Building Products by 42.6% in the first quarter. Blue Grotto Capital LLC now owns 271,893 shares of the construction company’s stock valued at $22,972,000 after purchasing an additional 81,257 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in Installed Building Products by 1,711.0% in the second quarter. Cubist Systematic Strategies LLC now owns 85,153 shares of the construction company’s stock valued at $7,081,000 after purchasing an additional 80,451 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Insider Transactions at Installed Building Products

In other news, Director Margot Lebenberg Carter sold 2,500 shares of the company’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $109.61, for a total transaction of $274,025.00. Following the completion of the transaction, the director now directly owns 7,106 shares of the company’s stock, valued at $778,888.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Todd R. Fry sold 500 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $107.32, for a total transaction of $53,660.00. Following the sale, the chief accounting officer now owns 7,032 shares in the company, valued at $754,674.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Margot Lebenberg Carter sold 2,500 shares of the company’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $109.61, for a total value of $274,025.00. Following the sale, the director now owns 7,106 shares in the company, valued at approximately $778,888.66. The disclosure for this sale can be found here. Insiders sold 118,826 shares of company stock valued at $13,806,231 over the last three months. Company insiders own 17.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. StockNews.com upgraded Installed Building Products from a “buy” rating to a “strong-buy” rating in a report on Monday, March 13th. Deutsche Bank Aktiengesellschaft raised Installed Building Products from a “hold” rating to a “buy” rating and boosted their target price for the company from $90.00 to $124.00 in a research note on Tuesday, January 10th. Finally, Royal Bank of Canada boosted their target price on Installed Building Products from $79.00 to $85.00 and gave the company an “underperform” rating in a research note on Thursday, February 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Installed Building Products presently has a consensus rating of “Hold” and a consensus price target of $102.30.

Installed Building Products Stock Down 2.5 %

Shares of IBP stock traded down $2.61 on Friday, hitting $103.72. 693,379 shares of the stock were exchanged, compared to its average volume of 304,717. 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 firm has a market capitalization of $2.94 billion, a P/E ratio of 13.37 and a beta of 1.69. The business has a 50-day moving average of $108.90 and a 200 day moving average of $93.29. Installed Building Products, Inc. has a fifty-two week low of $69.44 and a fifty-two week high of $121.60.

Installed Building Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders 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 dividend yield of 4.74%. The ex-dividend date of this dividend is Tuesday, March 14th. Installed Building Products’s dividend payout ratio is currently 17.01%.

Installed Building Products Company 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.