IES Holdings, Inc. (NASDAQ:IESC) Sees Significant Drop in Short Interest

IES Holdings, Inc. (NASDAQ:IESC) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 645,000 shares, a drop of 7.7% from the October 15th total of 698,500 shares. Approximately 3.3% of the company’s stock are sold short. Based on an average daily trading volume, of 127,900 shares, the short-interest ratio is currently 5.0 days.

Analysts Set New Price Targets

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

Insider Buying and Selling at IES

In other IES news, Director Todd M. Cleveland sold 10,000 shares of the firm’s 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 sale, the director now directly owns 104,654 shares in the company, valued at $16,071,714.78. This trade represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of the firm’s 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. This represents a 0.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,208 shares of company stock worth $16,967,207 over the last ninety days. Corporate insiders own 59.19% of the company’s stock.

Hedge Funds Weigh In On IES

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC grew its holdings in shares of IES by 41.0% during 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. Andina Capital Management LLC boosted its holdings in IES by 4.0% in the 3rd quarter. Andina Capital Management LLC now owns 2,496 shares of the technology company’s stock valued at $498,000 after purchasing an additional 96 shares in the last quarter. CWM LLC boosted its holdings in IES by 17.2% in the 3rd quarter. CWM LLC now owns 682 shares of the technology company’s stock valued at $136,000 after purchasing an additional 100 shares in the last quarter. Ellsworth Advisors LLC boosted its holdings in IES by 2.7% in the 2nd quarter. Ellsworth Advisors LLC now owns 5,806 shares of the technology company’s stock valued at $809,000 after purchasing an additional 151 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in IES by 2.2% in the 2nd quarter. Cetera Investment Advisers now owns 8,690 shares of the technology company’s stock valued at $1,211,000 after purchasing an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 86.60% of the company’s stock.

IES Stock Down 2.6 %

NASDAQ IESC opened at $258.02 on Monday. IES has a 52-week low of $64.50 and a 52-week high of $297.07. The business’s 50-day moving average price is $212.43 and its 200 day moving average price is $174.68. The firm has a market cap of $5.15 billion, a P/E ratio of 30.39 and a beta of 1.37.

IES declared that its board has initiated a share buyback program on Friday, August 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.