IES (NASDAQ:IESC) Stock Price Up 7.2% – Here’s Why

IES Holdings, Inc. (NASDAQ:IESC)’s share price shot up 7.2% during trading on Tuesday . The stock traded as high as $283.68 and last traded at $283.68. 84,930 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 132,486 shares. The stock had previously closed at $264.67.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut IES from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th.

IES Stock Performance

The company has a market capitalization of $5.40 billion, a P/E ratio of 31.86 and a beta of 1.37. The firm has a 50 day moving average price of $222.01 and a two-hundred day moving average price of $177.72.

IES announced that its board has authorized a stock repurchase plan on Friday, August 2nd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other IES news, Director Todd M. Cleveland sold 10,000 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $153.57, for a total value of $1,535,700.00. Following the transaction, the director now directly owns 104,654 shares in the company, valued at approximately $16,071,714.78. This trade represents a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 11,036,984 shares in the company, valued at $1,747,044,197.36. The trade was a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,208 shares of company stock worth $16,967,207. Company insiders own 59.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of IES in the 2nd quarter valued at $3,328,000. Truvestments Capital LLC acquired a new position in shares of IES in the 1st quarter valued at $499,000. Acadian Asset Management LLC lifted its stake in shares of IES by 1,863.1% in the 1st quarter. Acadian Asset Management LLC now owns 12,446 shares of the technology company’s stock valued at $1,512,000 after purchasing an additional 11,812 shares during the period. Janus Henderson Group PLC lifted its stake in shares of IES by 27.4% in the 1st quarter. Janus Henderson Group PLC now owns 26,609 shares of the technology company’s stock valued at $3,237,000 after purchasing an additional 5,720 shares during the period. Finally, Versor Investments LP acquired a new stake in IES during the 2nd quarter worth $934,000. 86.60% of the stock is currently owned by institutional investors.

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.