Summit Partners Public Asset Management LLC Invests $54.50 Million in Installed Building Products, Inc. (NYSE:IBP)

Summit Partners Public Asset Management LLC bought a new stake in Installed Building Products, Inc. (NYSE:IBP - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 221,298 shares of the construction company's stock, valued at approximately $54,499,000. Installed Building Products accounts for 1.7% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 13th largest holding. Summit Partners Public Asset Management LLC owned about 0.79% of Installed Building Products as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in IBP. FMR LLC boosted its position in Installed Building Products by 61.5% during the third quarter. FMR LLC now owns 965,551 shares of the construction company's stock worth $237,786,000 after purchasing an additional 367,628 shares in the last quarter. Millennium Management LLC raised its stake in shares of Installed Building Products by 395.3% during the 2nd quarter. Millennium Management LLC now owns 143,166 shares of the construction company's stock worth $29,446,000 after buying an additional 114,259 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Installed Building Products by 379.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 93,439 shares of the construction company's stock valued at $23,012,000 after buying an additional 73,952 shares in the last quarter. Leeward Investments LLC MA acquired a new stake in Installed Building Products in the 3rd quarter valued at $17,972,000. Finally, Renaissance Technologies LLC increased its holdings in Installed Building Products by 2,912.0% in the 2nd quarter. Renaissance Technologies LLC now owns 75,300 shares of the construction company's stock worth $15,488,000 after acquiring an additional 72,800 shares in the last quarter. 99.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IBP has been the topic of several recent analyst reports. Royal Bank of Canada downgraded shares of Installed Building Products from a "sector perform" rating to an "underperform" rating and decreased their price objective for the company from $203.00 to $197.00 in a report on Friday, November 8th. Truist Financial lifted their price objective on Installed Building Products from $235.00 to $240.00 and gave the stock a "hold" rating in a report on Friday, August 2nd. The Goldman Sachs Group increased their target price on Installed Building Products from $260.00 to $295.00 and gave the company a "buy" rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on Installed Building Products from $236.00 to $241.00 and gave the company a "neutral" rating in a research report on Friday, November 22nd. Finally, Stephens reiterated an "equal weight" rating and set a $240.00 price target on shares of Installed Building Products in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $253.70.

Installed Building Products Trading Up 1.3 %

IBP traded up $2.85 during trading hours on Friday, reaching $228.38. The company's stock had a trading volume of 111,703 shares, compared to its average volume of 294,000. The stock has a market cap of $6.43 billion, a PE ratio of 25.38 and a beta of 1.95. Installed Building Products, Inc. has a fifty-two week low of $148.59 and a fifty-two week high of $281.04. The company has a debt-to-equity ratio of 1.18, a current ratio of 2.99 and a quick ratio of 2.50. The business's 50-day moving average is $229.82 and its 200-day moving average is $222.90.

Installed Building Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Sunday, December 15th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is Friday, December 13th. Installed Building Products's dividend payout ratio (DPR) is presently 15.56%.

Installed Building Products Profile

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.