Truist Financial Cuts Installed Building Products (NYSE:IBP) Price Target to $180.00

Installed Building Products (NYSE:IBP) had its price target reduced by Truist Financial from $240.00 to $180.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the construction company’s stock. Truist Financial’s price objective indicates a potential upside of 6.12% from the stock’s previous close.

IBP has been the subject of a number of other research reports. Royal Bank of Canada cut Installed Building Products from a “sector perform” rating to an “underperform” rating and reduced their price target for the stock from $203.00 to $197.00 in a report on Friday, November 8th. DA Davidson dropped their price target on Installed Building Products from $260.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday. Evercore ISI cut shares of Installed Building Products from an “outperform” rating to an “underperform” rating and reduced their price objective for the stock from $238.00 to $206.00 in a research report on Monday, December 16th. JPMorgan Chase & Co. upped their price objective on shares of Installed Building Products from $236.00 to $241.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Benchmark cut their target price on shares of Installed Building Products from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $224.90.

Installed Building Products Stock Performance

IBP stock traded down $1.78 during trading hours on Monday, reaching $169.62. The stock had a trading volume of 81,400 shares, compared to its average volume of 365,519. The stock has a 50-day simple moving average of $183.20 and a 200 day simple moving average of $208.62. Installed Building Products has a fifty-two week low of $162.20 and a fifty-two week high of $281.04. The stock has a market capitalization of $4.77 billion, a PE ratio of 18.85 and a beta of 1.99. The company has a debt-to-equity ratio of 1.18, a current ratio of 2.99 and a quick ratio of 2.50.

Institutional Investors Weigh In On Installed Building Products

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Installed Building Products by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 2,636,803 shares of the construction company’s stock valued at $462,100,000 after acquiring an additional 16,597 shares in the last quarter. State Street Corp raised its stake in Installed Building Products by 8.4% in the third quarter. State Street Corp now owns 1,248,515 shares of the construction company’s stock valued at $307,472,000 after purchasing an additional 96,780 shares in the last quarter. FIL Ltd raised its stake in Installed Building Products by 14.0% in the fourth quarter. FIL Ltd now owns 1,039,038 shares of the construction company’s stock valued at $182,091,000 after purchasing an additional 127,215 shares in the last quarter. FMR LLC grew its stake 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 buying an additional 367,628 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Installed Building Products by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 633,556 shares of the construction company’s stock valued at $111,053,000 after buying an additional 10,553 shares during the period. 99.61% of the stock is currently owned by institutional investors.

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.