Installed Building Products, which installs insulation and complementary building products, announced the acquisition of WeatherSeal Insulation Co., which offers fiberglass and spray foam insulation services to residential customers. Financial terms of the deal weren’t disclosed.
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Installation Building’s (IBP) CEO Jeff Edwards said “With approximately $6.4 million of annual revenue, WeatherSeal expands our presence in Virginia.”
On Nov. 5, Installed Building Products reported 3Q earnings of $1.21, which exceeded analysts’ estimates of $1.18. However, its 3Q revenues of $420.5 million missed the Street’s consensus of $431.8 million. (See IBP stock analysis on TipRanks)
On Nov. 16, Deutsche Bank analyst Seldon Clarke raised the stock’s price target to $114 (16.9% upside potential) from $110 and maintained a Buy rating, citing sustained rise in demand for single-family homes. Clarke believes that housing activity should continue to grow throughout 2021, amid stellar demand in household formations along with sustained improvements in unemployment trends.
Currently, the Street has a bullish outlook on the stock with a Strong Buy analyst consensus. The average price target stands at $115, implying upside potential of about 17.9% to current levels. Shares have increased by about 41.6% year-to-date.
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