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

Shares of IES Holdings, Inc. (NASDAQ:IESC) fell 5.9% during trading on Wednesday . The company traded as low as $267.06 and last traded at $268.80. 77,516 shares changed hands during trading, a decline of 42% from the average session volume of 132,578 shares. The stock had previously closed at $285.51.

Wall Street Analysts Forecast Growth

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

IES Stock Performance

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

IES announced that its Board of Directors has authorized a stock buyback plan on Friday, August 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at IES

In other news, Director David B. Gendell sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $187.26, for a total value of $1,872,600.00. Following the completion of the sale, the director now directly owns 127,976 shares of the company’s stock, valued at approximately $23,964,785.76. This trade represents a 7.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of IES stock in a transaction dated 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 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. Insiders sold 105,208 shares of company stock valued at $16,967,207 in the last quarter. Company insiders own 59.19% of the company’s stock.

Institutional Trading of IES

A number of institutional investors and hedge funds have recently bought and sold shares of IESC. Summit Partners Public Asset Management LLC increased its stake in IES by 165.4% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 119,438 shares of the technology company’s stock valued at $23,842,000 after purchasing an additional 74,438 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in shares of IES in the second quarter worth approximately $9,558,000. FMR LLC grew its stake in shares of IES by 4.6% in the third quarter. FMR LLC now owns 1,476,238 shares of the technology company’s stock worth $294,687,000 after acquiring an additional 65,145 shares during the period. F M Investments LLC bought a new stake in shares of IES in the third quarter worth approximately $10,887,000. Finally, Thrivent Financial for Lutherans bought a new stake in IES during the third quarter valued at approximately $10,426,000. 86.60% of the stock is currently owned by institutional investors.

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.