IES Holdings, Inc. (NASDAQ:IESC) Sees Significant Drop in Short Interest

IES Holdings, Inc. (NASDAQ:IESC) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 645,000 shares, a decline of 7.7% from the October 15th total of 698,500 shares. Based on an average daily volume of 127,900 shares, the short-interest ratio is presently 5.0 days. Approximately 3.3% of the shares of the stock are short sold.

Insider Transactions at IES

In other news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was 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 in the company, valued at $1,751,762,169. The trade was a 0.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $153.57, for a total value of $1,535,700.00. Following the transaction, the director now owns 104,654 shares in the company, valued at approximately $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 a total of 105,208 shares of company stock worth $16,967,207 in the last ninety days. Insiders own 59.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Summit Partners Public Asset Management LLC boosted its position in shares of IES by 165.4% during the third quarter. Summit Partners Public Asset Management LLC now owns 119,438 shares of the technology company’s stock worth $23,842,000 after buying an additional 74,438 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of IES during the second quarter worth $9,558,000. FMR LLC raised 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 valued at $294,687,000 after acquiring an additional 65,145 shares in the last quarter. F M Investments LLC acquired a new stake in shares of IES in the third quarter valued at $10,887,000. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of IES in the third quarter valued at $10,426,000. 86.60% of the stock is currently owned by hedge funds and other institutional investors.

IES Stock Performance

Shares of IES stock opened at $258.02 on Monday. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of 30.39 and a beta of 1.37. IES has a fifty-two week low of $64.50 and a fifty-two week high of $297.07. The stock has a 50 day moving average of $212.43 and a 200 day moving average of $174.68.

IES declared that its Board of Directors has authorized a stock repurchase program on Friday, August 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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 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.