Principal Financial Group Inc. Purchases 2,636 Shares of IES Holdings, Inc. (NASDAQ:IESC)

Principal Financial Group Inc. grew its position in shares of IES Holdings, Inc. (NASDAQ:IESC) by 56.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,269 shares of the technology company’s stock after buying an additional 2,636 shares during the quarter. Principal Financial Group Inc.’s holdings in IES were worth $1,451,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. lifted its holdings in IES by 258.7% during the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock worth $37,000 after acquiring an additional 194 shares during the period. Quest Partners LLC grew its holdings in 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 buying an additional 86 shares in the last quarter. Contravisory Investment Management Inc. purchased a new position in IES during the second quarter valued at approximately $48,000. CWM LLC increased its holdings in shares of 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. Finally, BlueSky Wealth Advisors LLC bought a new position in IES in the 3rd quarter worth about $220,000. Institutional investors own 86.60% of the company’s stock.

Insider Buying and Selling at IES

In related news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $160.20, for a total transaction of $5,982,989.40. Following the transaction, the chief executive officer now owns 10,934,845 shares of the company’s stock, valued at approximately $1,751,762,169. This trade represents a 0.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was 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 of the company’s stock, 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. Insiders have sold 105,208 shares of company stock worth $16,967,207 over the last 90 days. Corporate insiders own 59.19% of the company’s stock.

IES Stock Performance

NASDAQ IESC opened at $278.01 on Friday. IES Holdings, Inc. has a 52-week low of $68.78 and a 52-week high of $297.07. The company has a fifty day moving average of $224.35 and a 200-day moving average of $178.53. The company has a market capitalization of $5.55 billion, a P/E ratio of 32.75 and a beta of 1.37.

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

Analysts Set New Price Targets

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

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.