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Installed Building Products, Inc.’s IBP subsidiary company, Advanced Fiber Technology (“AFT”), has increased its production capacity with the opening of the second line of its manufacturing plant in Bucyrus, OH.
This $5.5 million capacity expansion project comprises a $4.75 million investment in leading-edge technology, robotics and automation for the wastepaper conversion industry.
Post the announcement, IBP stock rallied 5.3% during the trading hours and 0.4% in the after-hours on Tuesday.
IBP’s Benefits From the Strategic Move
Backed by safe and efficient technology, the new manufacturing line expansion will enable AFT to produce high-performance and reliable Carbon-Smart Loose-Fill Cellulose Insulation and support Bucyrus’ economic growth. Furthermore, this move will also help enhance AFT’s ability to meet the growing commercial and residential customers’ demand for its products by strengthening its operations and ensuring sustainability.
Carbon-Smart Loose-Fill Cellulose Insulation is AFT’s environmentally-friendly product made from more than 85% recycled content, primarily recycled newsprint and cardboard.
Installed Building’s president and CEO, Jeff Edwards, shared optimistic views regarding this capacity expansion project. Through the expansion in Bucyrus, IBP’s ability to meet rising demand for its high-quality insulation products will be enhanced and the commitment to offer innovative solutions across the nation will be reinforced.
IBP’s Capital Allocation Strategies
Installed Building focuses on strategic capital allocation initiatives, which drive its profitability and growth prospects. The company allocates its capital per the available market and product enhancement opportunities while maintaining shareholder value. The effective capital mix ensures functional efficiencies and drives growth momentum even in an uncertain market.
The primary aspects of IBP’s capital allocation include inorganic growth initiatives and returns to shareholders, with fair attention toward organic growth strategies. The company’s capital allocation strategy has been faring well for the past few quarters due to the increased same-branch sales in both its single-family and multi-family residential new construction end markets, accompanied by revenue contributions from its recent acquisitions.
During the second quarter of 2024, the company acquired three companies, including North Carolina-based Trade Partners, Inc., Oklahoma-based Thrice Energy Solutions, LLC and Illinois-based residential and commercial installer of building products collectively known as Euroview. IBP also announced a 6% hike in its quarterly cash dividend of $0.35 per share, payable on Sep. 30, 2024, to shareholders on record as of Sep. 15.
Shares of IBP have gained 30.3% in the year-to-date period, outperforming the Zacks Building Products - Miscellaneous industry’s 17.5% growth. Owing to the improving market trends, Installed Building aims to continue focusing on profitability and effective capital allocation to drive earnings growth and value for its shareholders.
IBP’s Zacks Rank & Key Picks
Installed Building currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
Comfort Systems USA, Inc. FIX currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FIX delivered a trailing four-quarter earnings surprise of 20.6%, on average. The stock has surged 95.8% in the past year. The Zacks Consensus Estimate for FIX’s 2024 sales and earnings per share (EPS) indicates growth of 29.4% and 57.8%, respectively, from the prior-year levels.
Frontdoor, Inc. FTDR presently sports a Zacks Rank of 1. FTDR delivered a trailing four-quarter earnings surprise of 279%, on average. The stock has gained 57.2% in the past year.
The Zacks Consensus Estimate for FTDR’s 2024 sales and EPS indicates an increase of 3% and 21.3%, respectively, from a year ago.
M/I Homes, Inc. MHO currently carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 4.8%, on average. Shares of MHO have risen 86.7% in the past year.
The consensus estimate for MHO’s 2024 sales and EPS implies an increase of 9.6% and 21.9%, respectively, from the prior-year levels.
Zacks Investment Research
The Construction group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. M/I Homes (MHO) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
M/I Homes is a member of our Construction group, which includes 91 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. M/I Homes is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for MHO's full-year earnings has moved 8.7% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, MHO has returned 21.3% so far this year. Meanwhile, the Construction sector has returned an average of 20.2% on a year-to-date basis. This means that M/I Homes is performing better than its sector in terms of year-to-date returns.
Another Construction stock, which has outperformed the sector so far this year, is Taylor Morrison Home (TMHC). The stock has returned 29% year-to-date.
The consensus estimate for Taylor Morrison Home's current year EPS has increased 7% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, M/I Homes belongs to the Building Products - Home Builders industry, a group that includes 17 individual companies and currently sits at #42 in the Zacks Industry Rank. Stocks in this group have gained about 28.9% so far this year, so MHO is slightly underperforming its industry this group in terms of year-to-date returns. Taylor Morrison Home is also part of the same industry.
Going forward, investors interested in Construction stocks should continue to pay close attention to M/I Homes and Taylor Morrison Home as they could maintain their solid performance.
Zacks Investment Research
M/I Homes (MHO) closed the most recent trading day at $167.02, moving +0.32% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.13%. At the same time, the Dow added 0.55%, and the tech-heavy Nasdaq lost 0.52%.
The homebuilder's stock has climbed by 15.06% in the past month, exceeding the Construction sector's gain of 5.71% and the S&P 500's gain of 3.67%.
The upcoming earnings release of M/I Homes will be of great interest to investors. It is anticipated that the company will report an EPS of $4.94, marking a 2.49% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.13 billion, indicating a 7.71% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $19.76 per share and a revenue of $4.42 billion, signifying shifts of +21.9% and +9.59%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for M/I Homes. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.95% upward. Currently, M/I Homes is carrying a Zacks Rank of #1 (Strong Buy).
From a valuation perspective, M/I Homes is currently exchanging hands at a Forward P/E ratio of 8.43. This represents a discount compared to its industry's average Forward P/E of 10.26.
The Building Products - Home Builders industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 25, positioning it in the top 10% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Homebuilder stocks are on the rise as the Federal Reserve is expected to cut rates later this week, mortgage rates are on the decline and Democratic presidential candidate, Vice President Kamala Harris, proposes a homeownership plan that involves building three million new homes.
The Fed is expected to lower its key interest rate by either 25 or 50 basis points when it meets on Wednesday after holding back on doing so at its last meeting in July.
Mortgage rates have fallen to their lowest in more than 18 months, according to the Mortgage Bankers Association (MBA).
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29 percent from 6.43 percent, marking several consecutive weeks of declining rates.
If elected president in November, Harris plans to launch a $25,000 credit for first-time homebuyers on buying a new home and an initiative to build three million new homes in four years.
Truist Securities has raised its rating on Builders First Source, Inc. from Hold to Buy and its price target from $165 to $220.
Read Also: Toll Brothers To Rally Around 19%? Here Are 10 Top Analyst Forecasts For Thursday
Analyst Keith Hughes noted reduced mortgage rates and lower lumber prices in the short term and, in the long term, an upswing in multifamily housing construction and Builders’ ability to offer value-added products and digital offerings due to its large size.
Also, many homeowners who locked in rates as low as 3% and 4% over the past two years are holding onto their homes instead of selling, increasing demand for new homes.
“Given the continued limited inventory, we believe this will continue for several more years with new homes taking an even greater share of the market,” he wrote in a note on Monday. “This is a notable catalyst for home builders and their suppliers such as BLDR.”
Price Action: Homebuilders have seen gains and losses into Monday’s early trading but have risen significantly over the past week.
Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, September 13:
M/I Homes, Inc. MHO: This homebuilder company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
M/I Homes' shares gained 29.1% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A.
M/I Homes, Inc. Price
M/I Homes, Inc. price | M/I Homes, Inc. Quote
First Mid Bancshares, Inc. FMBH: This financial holding company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
First Mid Bancshares' shares gained 26.7% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A
First Mid Bancshares, Inc. Price
First Mid Bancshares, Inc. price | First Mid Bancshares, Inc. Quote
Consensus Cloud Solutions, Inc. CCSI: This software-as-a-service (SaaS) company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 5% over the last 60 days.
Consensus Cloud Solutions, Inc. Price and Consensus
Consensus Cloud Solutions, Inc. price-consensus-chart | Consensus Cloud Solutions, Inc. Quote
Consensus Cloud Solutions' shares gained 24.2% over the last three months compared with the S&P 500’s advanced of 3.3%. The company possesses a Momentum Score of A.
Consensus Cloud Solutions, Inc. Price
Consensus Cloud Solutions, Inc. price | Consensus Cloud Solutions, Inc. Quote
See the full list of top ranked stocks here
Learn more about the Momentum score and how it is calculated here.
Zacks Investment Research
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Arcturus Therapeutics Holdings Inc. ARCT: This biotechnology company has seen the Zacks Consensus Estimate for its current year earnings increasing 40.8% over the last 60 days.
Arcturus Therapeutics Holdings Inc. Price and Consensus
Arcturus Therapeutics Holdings Inc. price-consensus-chart | Arcturus Therapeutics Holdings Inc. Quote
M/I Homes, Inc. MHO: This homebuilder company has seen the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.
M/I Homes, Inc. Price and Consensus
M/I Homes, Inc. price-consensus-chart | M/I Homes, Inc. Quote
First Mid Bancshares, Inc. FMBH: This financial holding company has seen the Zacks Consensus Estimate for its current year earnings increasing 7.4% over the last 60 days.
First Mid Bancshares, Inc. Price and Consensus
First Mid Bancshares, Inc. price-consensus-chart | First Mid Bancshares, Inc. Quote
Pampa Energía PAM: This integrated power company has seen the Zacks Consensus Estimate for its current year earnings increasing 13.2% over the last 60 days.
Pampa Energia S.A. Price and Consensus
Pampa Energia S.A. price-consensus-chart | Pampa Energia S.A. Quote
AngioDynamics, Inc. ANGO: This medical technology company has seen the Zacks Consensus Estimate for its current year earnings increasing 31.7% over the last 60 days.
AngioDynamics, Inc. Price and Consensus
AngioDynamics, Inc. price-consensus-chart | AngioDynamics, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
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