IES (NASDAQ:IESC) Stock Price Up 8.2% – Here’s Why

IES Holdings, Inc. (NASDAQ:IESC) shares traded up 8.2% during mid-day trading on Friday . The stock traded as high as $310.89 and last traded at $310.50. 46,514 shares were traded during trading, a decline of 66% from the average session volume of 135,264 shares. The stock had previously closed at $286.95.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of IES from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th.

IES Stock Performance

The firm has a fifty day moving average of $233.94 and a 200 day moving average of $181.58. The firm has a market capitalization of $6.18 billion, a PE ratio of 31.40 and a beta of 1.37.

IES declared that its board has authorized a share repurchase plan on Friday, August 2nd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at IES

In related news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of IES stock in a transaction 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 owns 10,934,845 shares in the company, valued at approximately $1,751,762,169. The trade was a 0.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $153.57, for a total transaction of $1,535,700.00. Following the completion of the sale, the director now directly owns 104,654 shares in the company, valued at $16,071,714.78. This represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,208 shares of company stock valued at $15,094,607. 59.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IES

Several hedge funds and other institutional investors have recently modified their holdings of IESC. Gladius Capital Management LP acquired a new position in IES in the third quarter worth about $44,000. Federated Hermes Inc. grew its position in shares of IES by 258.7% in the 2nd quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock worth $37,000 after acquiring an additional 194 shares in the last quarter. Quest Partners LLC raised its position in shares of IES by 41.0% during the 2nd quarter. Quest Partners LLC now owns 296 shares of the technology company’s stock valued at $41,000 after acquiring an additional 86 shares in the last quarter. Contravisory Investment Management Inc. bought a new position in IES during the second quarter worth $48,000. Finally, CWM LLC boosted its holdings in IES by 252.7% in the second quarter. CWM LLC now owns 582 shares of the technology company’s stock worth $81,000 after purchasing an additional 417 shares during the period. Institutional investors own 86.60% of the company’s stock.

About IES

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.