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

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

Analysts Set New Price Targets

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

IES Stock Up 7.9 %

The stock’s 50-day simple moving average is $214.83 and its 200 day simple moving average is $175.58. The firm has a market cap of $5.70 billion, a P/E ratio of 31.17 and a beta of 1.37.

IES declared that its Board of Directors has authorized a stock repurchase plan on Friday, August 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $153.57, for a total value of $1,535,700.00. Following the sale, the director now owns 104,654 shares in the company, valued at $16,071,714.78. This represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $158.29, for a total transaction of $7,575,917.69. Following the completion of the sale, the chief executive officer now owns 11,036,984 shares in the company, valued at $1,747,044,197.36. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 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 Investors Weigh In On IES

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC raised its holdings in shares of IES by 4.6% in the 3rd quarter. FMR LLC now owns 1,476,238 shares of the technology company’s stock worth $294,687,000 after acquiring an additional 65,145 shares during the last quarter. Vanguard Group Inc. increased its stake in IES by 10.0% in the 1st quarter. Vanguard Group Inc. now owns 479,315 shares of the technology company’s stock valued at $58,304,000 after buying an additional 43,634 shares during the last quarter. Royce & Associates LP increased its stake in IES by 15.1% in the 3rd quarter. Royce & Associates LP now owns 294,808 shares of the technology company’s stock valued at $58,850,000 after buying an additional 38,783 shares during the last quarter. State Street Corp increased its stake in IES by 3.2% in the 3rd quarter. State Street Corp now owns 209,943 shares of the technology company’s stock valued at $41,909,000 after buying an additional 6,492 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in IES by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 209,146 shares of the technology company’s stock valued at $41,757,000 after buying an additional 623 shares during the last quarter. Institutional investors and hedge funds 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.