IES (NASDAQ:IESC) Cut to “Hold” at StockNews.com

StockNews.com cut shares of IES (NASDAQ:IESC) from a buy rating to a hold rating in a report issued on Tuesday.

IES Stock Performance

IESC stock opened at $285.55 on Tuesday. The stock has a market cap of $5.71 billion, a P/E ratio of 33.63 and a beta of 1.37. The firm has a 50 day simple moving average of $201.36 and a 200 day simple moving average of $169.17. IES has a 52 week low of $60.33 and a 52 week high of $285.56.

IES announced that its board has initiated a share buyback plan on Friday, August 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at IES

In other IES news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of IES stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $160.20, for a total value of $5,982,989.40. Following the completion of the sale, the chief executive officer now directly owns 10,934,845 shares in the company, valued at $1,751,762,169. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other IES news, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of IES stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $158.29, for a total value of $7,575,917.69. Following the completion of the sale, the chief executive officer now directly owns 11,036,984 shares in the company, valued at $1,747,044,197.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of IES stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $160.20, for a total transaction of $5,982,989.40. Following the completion of the sale, the chief executive officer now owns 10,934,845 shares of the company’s stock, valued at $1,751,762,169. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,208 shares of company stock worth $17,850,857 over the last ninety days. 59.19% of the stock is currently owned by insiders.

Institutional Trading of IES

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. lifted its stake in shares of IES by 258.7% in the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock worth $37,000 after buying an additional 194 shares during the last quarter. Quest Partners LLC lifted its stake in shares of IES by 41.0% in the second quarter. Quest Partners LLC now owns 296 shares of the technology company’s stock worth $41,000 after buying an additional 86 shares during the last quarter. Gladius Capital Management LP acquired a new stake in shares of IES in the third quarter worth $44,000. Contravisory Investment Management Inc. acquired a new stake in shares of IES in the second quarter worth $48,000. Finally, CWM LLC lifted its stake in shares of IES by 252.7% in the second quarter. CWM LLC now owns 582 shares of the technology company’s stock worth $81,000 after buying an additional 417 shares during the last quarter. 86.60% of the stock is currently owned by institutional investors and hedge funds.

IES Company Profile

IES Holdings, Inc engages in the design and installation of integrated electrical and technology systems, and provides infrastructure products and services in the United States. The Communications segment designs, installs, and maintains network infrastructure within data centers for co-location and managed hosting customers; corporate, educational, financial, hospitality, and healthcare buildings; e-commerce distribution centers; and high-tech manufacturing facilities.