Victory Capital Management Inc. Sells 1,192 Shares of IES Holdings, Inc. (NASDAQ:IESC)

Victory Capital Management Inc. lowered its stake in IES Holdings, Inc. (NASDAQ:IESC) by 11.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,822 shares of the technology company’s stock after selling 1,192 shares during the period. Victory Capital Management Inc.’s holdings in IES were worth $1,761,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in IES by 258.7% in the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock worth $37,000 after purchasing an additional 194 shares in the last quarter. Quest Partners LLC lifted its position 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 acquiring an additional 86 shares during the period. Contravisory Investment Management Inc. bought a new stake in IES during the second quarter worth about $48,000. CWM LLC increased its stake in shares of 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 purchasing an additional 417 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of IES in the 2nd quarter worth approximately $170,000. 86.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 104,654 shares of the company’s stock, valued at approximately $16,071,714.78. This trade represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $5,982,989.40. Following the completion of the transaction, the chief executive officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,208 shares of company stock valued at $16,967,207. 59.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

IES Stock Performance

IES stock opened at $278.01 on Monday. The stock has a fifty day moving average of $224.35 and a 200 day moving average of $178.56. IES Holdings, Inc. has a one year low of $68.78 and a one year high of $297.07. The stock has a market cap of $5.55 billion, a PE ratio of 32.75 and a beta of 1.37.

IES declared that its Board of Directors has approved 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 repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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.