Lord Abbett & CO. LLC Buys New Shares in IES Holdings, Inc. $IESC

Key Points

• Lord Abbett & CO. LLC acquired 102,069 shares of IES Holdings, Inc., valued at approximately $16.85 million, representing about 0.51% ownership in the company.
• IES Holdings received a downgrade from a "buy" to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the company's performance.
• The company reported earnings of $3.95 per share, surpassing analysts' estimates, with revenue of $890.2 million for the latest quarter.

Lord Abbett & CO. LLC purchased a new position in shares of IES Holdings, Inc. (NASDAQ:IESC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 102,069 shares of the technology company's stock, valued at approximately $16,853,000. Lord Abbett & CO. LLC owned about 0.51% of IES at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Summit Investment Advisors Inc. lifted its holdings in IES by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 861 shares of the technology company's stock valued at $173,000 after acquiring an additional 53 shares during the period. Boston Partners increased its position in IES by 3.0% during the 1st quarter. Boston Partners now owns 2,870 shares of the technology company's stock worth $474,000 after purchasing an additional 84 shares in the last quarter. Summit Trail Advisors LLC increased its position in IES by 7.6% during the 1st quarter. Summit Trail Advisors LLC now owns 1,338 shares of the technology company's stock worth $221,000 after purchasing an additional 95 shares in the last quarter. Principal Financial Group Inc. increased its position in IES by 1.1% during the 1st quarter. Principal Financial Group Inc. now owns 8,447 shares of the technology company's stock worth $1,395,000 after purchasing an additional 95 shares in the last quarter. Finally, Wexford Capital LP increased its position in IES by 7.0% during the 4th quarter. Wexford Capital LP now owns 2,300 shares of the technology company's stock worth $462,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 86.60% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded IES from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 16th.

Insider Buying and Selling

In other news, CEO Jeffrey L. Et Al Gendell sold 27,144 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $275.92, for a total value of $7,489,572.48. Following the completion of the transaction, the chief executive officer directly owned 10,930,040 shares of the company's stock, valued at approximately $3,015,816,636.80. This represents a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 41,340 shares of company stock valued at $11,522,915. Corporate insiders own 56.76% of the company's stock.

IES Stock Up 0.4%

IESC stock traded up $1.2970 during midday trading on Thursday, hitting $322.8870. 31,224 shares of the company's stock were exchanged, compared to its average volume of 184,240. The company has a current ratio of 1.85, a quick ratio of 1.65 and a debt-to-equity ratio of 0.03. IES Holdings, Inc. has a 12-month low of $140.89 and a 12-month high of $370.88. The firm has a 50 day moving average price of $313.65 and a 200-day moving average price of $245.58. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 24.72 and a beta of 1.67.

IES (NASDAQ:IESC - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The technology company reported $3.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.55 by $0.40. The company had revenue of $890.20 million during the quarter, compared to analyst estimates of $833.00 million. IES had a return on equity of 37.23% and a net margin of 8.15%.

IES 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.