IES (NASDAQ:IESC) Stock Price Down 5.9% – Here’s What Happened

IES Holdings, Inc. (NASDAQ:IESC) shares dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $267.06 and last traded at $268.80. Approximately 77,516 shares were traded during trading, a decline of 42% from the average daily volume of 132,578 shares. The stock had previously closed at $285.51.

Wall Street Analyst Weigh In

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

IES Stock Down 2.4 %

The company has a market cap of $5.27 billion, a PE ratio of 31.86 and a beta of 1.37. The stock’s 50 day moving average is $222.01 and its 200-day moving average is $177.72.

IES declared that its board has approved a share 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 purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at IES

In related news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 10,934,845 shares of the company’s stock, valued at $1,751,762,169. This trade represents a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the transaction, the director now directly owns 104,654 shares of the company’s stock, valued at $16,071,714.78. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,208 shares of company stock worth $16,967,207. Insiders own 59.19% of the company’s stock.

Hedge Funds Weigh In On IES

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in IES in the 2nd quarter worth approximately $3,328,000. Truvestments Capital LLC acquired a new position in IES in the 1st quarter worth approximately $499,000. Acadian Asset Management LLC increased its holdings in IES by 1,863.1% in the 1st quarter. Acadian Asset Management LLC now owns 12,446 shares of the technology company’s stock worth $1,512,000 after buying an additional 11,812 shares during the period. Janus Henderson Group PLC grew its stake in shares of IES by 27.4% during the 1st quarter. Janus Henderson Group PLC now owns 26,609 shares of the technology company’s stock worth $3,237,000 after purchasing an additional 5,720 shares during the period. Finally, Versor Investments LP acquired a new stake in shares of IES during the 2nd quarter worth approximately $934,000. 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.