Summit Global Investments Acquires Shares of 5,571 Installed Building Products, Inc. (NYSE:IBP)

Summit Global Investments acquired a new stake in shares of Installed Building Products, Inc. (NYSE:IBP - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 5,571 shares of the construction company's stock, valued at approximately $1,146,000.

A number of other hedge funds also recently made changes to their positions in IBP. Allspring Global Investments Holdings LLC bought a new position in Installed Building Products in the 1st quarter worth approximately $29,000. Russell Investments Group Ltd. boosted its stake in Installed Building Products by 280.6% in the 4th quarter. Russell Investments Group Ltd. now owns 137 shares of the construction company's stock worth $25,000 after purchasing an additional 101 shares during the period. NBC Securities Inc. bought a new position in Installed Building Products in the 4th quarter worth approximately $25,000. Hexagon Capital Partners LLC boosted its stake in Installed Building Products by 253.7% in the 4th quarter. Hexagon Capital Partners LLC now owns 145 shares of the construction company's stock worth $27,000 after purchasing an additional 104 shares during the period. Finally, Annapolis Financial Services LLC boosted its stake in Installed Building Products by 45.7% in the 4th quarter. Annapolis Financial Services LLC now owns 169 shares of the construction company's stock worth $31,000 after purchasing an additional 53 shares during the period. 99.61% of the stock is currently owned by institutional investors.

Installed Building Products Trading Up 6.1 %

NYSE:IBP traded up $12.76 during midday trading on Wednesday, hitting $220.38. 461,841 shares of the company traded hands, compared to its average volume of 302,638. The firm's fifty day moving average is $221.12 and its 200-day moving average is $226.80. Installed Building Products, Inc. has a 12-month low of $106.01 and a 12-month high of $281.04. The firm has a market capitalization of $6.27 billion, a P/E ratio of 24.64 and a beta of 1.93. The company has a current ratio of 3.08, a quick ratio of 2.67 and a debt-to-equity ratio of 1.24.

Installed Building Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Sunday, September 15th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.40 annualized dividend and a yield of 0.64%. Installed Building Products's payout ratio is presently 15.84%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Truist Financial upped their price target on Installed Building Products from $235.00 to $240.00 and gave the stock a "hold" rating in a research note on Friday, August 2nd. Benchmark upped their price target on Installed Building Products from $250.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, May 14th. Evercore ISI increased their target price on Installed Building Products from $274.00 to $282.00 and gave the company an "outperform" rating in a research report on Monday, July 15th. Royal Bank of Canada increased their target price on Installed Building Products from $201.00 to $203.00 and gave the company a "sector perform" rating in a research report on Friday, August 2nd. Finally, StockNews.com downgraded Installed Building Products from a "buy" rating to a "hold" rating in a research report on Friday, August 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $255.20.

About Installed Building Products

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.