IES (NASDAQ:IESC) Stock Falls 6.8% – Here’s Why

IES Holdings, Inc. (NASDAQ:IESC)’s share price fell 6.8% during mid-day trading on Wednesday. The company traded as low as $680.11 and last traded at $688.3450. 31,487 shares traded hands during trading, a decline of 86% from the average session volume of 223,944 shares. The stock had previously closed at $738.79.

Wall Street Analyst Weigh In

IESC has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of IES from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 20th. Freedom Broker raised IES from a “hold” rating to a “buy” rating and set a $440.00 price objective for the company in a research note on Friday, September 11th. Finally, Weiss Ratings upgraded IES from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $334.50.

IES Stock Performance

The company has a market capitalization of $12.82 billion, a price-to-earnings ratio of 28.65 and a beta of 1.78. The firm’s 50-day simple moving average is $269.02 and its 200-day simple moving average is $193.65.

IES (NASDAQ:IESC) last issued its quarterly earnings data on Friday, July 31st. The technology company reported $3.35 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.93. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.08 billion. IES had a net margin of 11.40% and a return on equity of 35.70%.

Institutional Investors Weigh In On IES

Institutional investors have recently modified their holdings of the company. RIHO Partners LLC purchased a new stake in shares of IES in the 1st quarter worth about $4,069,000. First Trust Advisors LP raised its stake in IES by 40.4% in the 1st quarter. First Trust Advisors LP now owns 349,163 shares of the technology company’s stock worth $166,366,000 after acquiring an additional 100,425 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in IES by 164.4% during the first quarter. Lazard Asset Management LLC now owns 10,822 shares of the technology company’s stock worth $5,156,000 after buying an additional 6,729 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of IES by 94.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 11,575 shares of the technology company’s stock worth $5,515,000 after purchasing an additional 5,618 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in IES during the 4th quarter valued at about $2,826,000. 86.60% of the stock is owned by institutional investors.

About IES

IES Holdings, Inc (NASDAQ: IESC) is an industrial technology and infrastructure services company that designs, manufactures and installs electrical and mechanical systems. The company serves customers across the data center, industrial, commercial, residential and communications markets.

Its businesses provide electrical contracting, power distribution and control systems, communications infrastructure, structured cabling and related installation services. IES also manufactures and integrates modular and engineered systems used in data centers and other mission-critical facilities, while its residential operations support electrical and other building-system needs for housing construction.

Founded in 1997, IES Holdings serves customers primarily in the United States through operating companies and facilities located across multiple regions.