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 position in shares of Installed Building Products, Inc. (NYSE:IBP) in the third quarter, Holdings Channel reports. The institutional investor bought 221,298 shares of the construction company’s stock, valued at approximately $54,499,000. Installed Building Products accounts for approximately 1.7% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 13th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its position in Installed Building Products by 61.5% in the 3rd quarter. FMR LLC now owns 965,551 shares of the construction company’s stock valued at $237,786,000 after purchasing an additional 367,628 shares during the last quarter. Swedbank AB raised its holdings in shares of Installed Building Products by 11.6% in the second quarter. Swedbank AB now owns 415,000 shares of the construction company’s stock valued at $85,357,000 after buying an additional 43,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Installed Building Products by 6.5% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 329,166 shares of the construction company’s stock worth $81,063,000 after acquiring an additional 20,155 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Installed Building Products by 8.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 276,383 shares of the construction company’s stock worth $68,065,000 after acquiring an additional 21,942 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Installed Building Products by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 226,428 shares of the construction company’s stock valued at $46,572,000 after acquiring an additional 4,943 shares in the last quarter. 99.61% of the stock is owned by institutional investors.

Installed Building Products Price Performance

Shares of IBP opened at $225.53 on Friday. The stock has a market cap of $6.35 billion, a P/E ratio of 25.06 and a beta of 1.95. Installed Building Products, Inc. has a 1 year low of $145.75 and a 1 year high of $281.04. The stock’s 50-day moving average price is $230.03 and its two-hundred day moving average price is $222.90. The company has a current ratio of 2.99, a quick ratio of 2.50 and a debt-to-equity ratio of 1.18.

Installed Building Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Sunday, December 15th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Friday, December 13th. Installed Building Products’s payout ratio is 15.56%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on IBP shares. DA Davidson reduced their target price on shares of Installed Building Products from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Truist Financial upped 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. StockNews.com cut Installed Building Products from a “buy” rating to a “hold” rating in a research note on Tuesday. Stephens reaffirmed an “equal weight” rating and set a $240.00 price target on shares of Installed Building Products in a research note on Monday, August 5th. Finally, Evercore ISI raised their price target on Installed Building Products from $271.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $253.70.

Installed Building Products Company 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.