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Installed Building Products (IBP) Surges 7.9%: Is This an Indication of Further Gains?
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Installed Building Products (IBP - Free Report) shares soared 7.9% in the last trading session to close at $226.86. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% loss over the past four weeks.
The positive inflation report on Jul 11, 2024, most likely induced bullish sentiments among investors. The Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) for June 2024 increased by 3% year-on-year, the lowest level in over three years. Furthermore, this better-than-expected figure suggests the Federal Reserve may start cutting rates this year, moving closer to the 2% target.
This residential insulation installer is expected to post quarterly earnings of $2.89 per share in its upcoming report, which represents a year-over-year change of +10.3%. Revenues are expected to be $743.86 million, up 7.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Installed Building Products, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBP going forward to see if this recent jump can turn into more strength down the road.
Installed Building Products belongs to the Zacks Building Products - Miscellaneous industry. Another stock from the same industry, Aspen Aerogels (ASPN - Free Report) , closed the last trading session 7.8% higher at $26.11. Over the past month, ASPN has returned -20.4%.
For Aspen Aerogels, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of +122.7% from what the company reported a year ago. Aspen Aerogels currently has a Zacks Rank of #1 (Strong Buy).
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Installed Building Products (IBP) Surges 7.9%: Is This an Indication of Further Gains?
Installed Building Products (IBP - Free Report) shares soared 7.9% in the last trading session to close at $226.86. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.6% loss over the past four weeks.
The positive inflation report on Jul 11, 2024, most likely induced bullish sentiments among investors. The Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) for June 2024 increased by 3% year-on-year, the lowest level in over three years. Furthermore, this better-than-expected figure suggests the Federal Reserve may start cutting rates this year, moving closer to the 2% target.
This residential insulation installer is expected to post quarterly earnings of $2.89 per share in its upcoming report, which represents a year-over-year change of +10.3%. Revenues are expected to be $743.86 million, up 7.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Installed Building Products, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IBP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Installed Building Products belongs to the Zacks Building Products - Miscellaneous industry. Another stock from the same industry, Aspen Aerogels (ASPN - Free Report) , closed the last trading session 7.8% higher at $26.11. Over the past month, ASPN has returned -20.4%.
For Aspen Aerogels, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of +122.7% from what the company reported a year ago. Aspen Aerogels currently has a Zacks Rank of #1 (Strong Buy).