It is trading at $69.70 a tad above the 50 day moving average of $63.65 and much higher than the 200 day moving average of $55.80. The 50 day moving average went up $6.05 or +9.50% and the 200 day average moved up $13.90. Trading was heavy with 147K shares changing hands on Tuesday. Shares saw a steep increase in trading volume of 30.25% over the normal average daily volume.
Investors are a little more bullish on shares of the company recently if you take a look at the motion in short interest. The company recorded a fall in short interest of -2.37% as of the latest report on October 13, 2017. Short interest fell from 626,790 to 611,918 over that timeframe. With short interest at 611,918 and short average daily volume at 117,996, days to cover is 5.0 and the percentage of shorted shares is 0.02% as of October 13.
Here is a rundown on some insider market activity for Installed Building Products, In (NYSE:IBP). J. Michael Nixon, Director sold $623,040 worth of shares at an average price of $60.00 on Tue the 26th. That brings Nixon’s holdings to $94,419,480 per an SEC filing yesterday. J. Michael Nixon, Director let go of $3,250,000 worth of shares at an average price of $65.00 on September 28th. That brings the Director’s holdings to $99,037,770 as recorded in a recent Form 4 SEC filing.
Jay P. Elliott, Chief Operating Officer disclosed the sale of 2,500 shares. The shares were purchased at an average price of $64.61. Elliott now owns $3,315,268 of the stock per the Form 4 SEC filing.
These firms have modified their investment in IBP. Ls Investment Advisors, LLC augmented its holdings by buying 1,723 shares an increase of 38.4%. Ls Investment Advisors, LLC now controls 6,205 shares worth $402,000. The total value of its holdings increased 69.6%. Victory Capital Management Inc downsized its ownership by shedding 42 shares a decrease of 1.3% in the quarter. Victory Capital Management Inc now holds 3,278 shares valued at $212,000. The value of the position overall is up by 20.5%.
Nationwide Fund Advisors cut its stake by selling 199 shares a decrease of 1.6% from 06/30/2017 to 09/30/2017. Nationwide Fund Advisors controls 12,011 shares with a value of $778,000. The total value of its holdings increased 20.2%. As of the end of the quarter First Trust Advisors Lp had sold 3,613 shares trimming its position 7.7%. The value of the company’s investment in Installed Building Products, In went from $2,481,000 to $2,803,000 a change of $322,000 since the last quarter.
October 17 investment analysts at Credit Suisse kept the company rating at “Outperform” but raised the price target from $61.00 to $73.00.
Installed Building Products, In currently has a P/E ratio of 53.53 and market capitalization is 2.21B. In the last earnings report the EPS was $1.30 and is projected to be $2.24 for the current year with 31,659,000 shares outstanding. Analysts expect next quarter’s EPS to be $0.64 and the next full year EPS is anticipated to be $2.72.
Installed Building Products, Inc., launched on October 28, 2011, is a holding company. The Company is a residential insulation installer in the United States. As of December 31, 2016, the Business’s national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement the insulation installation business. The Company manages various aspects of the installation process for the customers, from the direct purchase and receipt of materials from national manufacturers, to supply of materials to job sites and quality installation. The Business’s customers include production and custom homebuilders, multi-family and commercial contractors, and homeowners..