IES (NASDAQ:IESC) Rating Increased to Buy at StockNews.com

IES (NASDAQ:IESC) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

IES Price Performance

Shares of IES stock opened at $213.57 on Wednesday. IES has a 1 year low of $59.75 and a 1 year high of $234.81. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 32.21 and a beta of 1.38. The company has a 50-day moving average of $186.25 and a 200 day moving average of $159.09.

IES (NASDAQ:IESC) last released its earnings results on Friday, August 2nd. The technology company reported $2.67 earnings per share (EPS) for the quarter. The firm had revenue of $768.40 million during the quarter. IES had a net margin of 6.30% and a return on equity of 34.38%.

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

Insiders Place Their Bets

In other news, Director Todd M. Cleveland sold 10,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 104,654 shares in the company, valued at $16,071,714.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Jeffrey L. Et Al Gendell sold 50,758 shares of IES stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $160.61, for a total value of $8,152,242.38. Following the completion of the sale, the chief executive officer now directly owns 11,134,087 shares in the company, valued at $1,788,245,713.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd M. Cleveland sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 104,654 shares in the company, valued at approximately $16,071,714.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 160,966 shares of company stock valued at $26,003,099. Insiders own 59.19% of the company’s stock.

Hedge Funds Weigh In On IES

Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. increased its position in IES by 258.7% during the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock valued at $37,000 after acquiring an additional 194 shares during the last quarter. Quest Partners LLC increased 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 purchasing an additional 86 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in shares of IES in the first quarter worth approximately $48,000. Contravisory Investment Management Inc. purchased a new position in shares of IES in the second quarter worth approximately $48,000. Finally, CWM LLC grew its position in IES by 252.7% during the second quarter. CWM LLC now owns 582 shares of the technology company’s stock valued at $81,000 after buying an additional 417 shares during the period. 86.60% of the stock is owned by institutional investors.

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.