Mesirow Financial Investment Management Inc. Sells 59,940 Shares of Innovative Solutions and Support, Inc. (NASDAQ:ISSC)

Key Points

• Mesirow Financial Investment Management Inc. sold 59,940 shares of Innovative Solutions and Support, reducing its stake by 50% in the 1st quarter, leaving it with 0.34% of the company worth $377,000.
• Insider Christopher Harborne sold 145,009 shares at $13.69 each, resulting in an 8.39% reduction of his ownership, while insiders sold a total of 713,234 shares worth over $9 million in the last quarter.
• Innovative Solutions and Support reported an earnings per share of $0.30 for the last quarter, significantly exceeding analyst estimates, and received a "strong-buy" rating from Singular Research.

Mesirow Financial Investment Management Inc. trimmed its position in shares of Innovative Solutions and Support, Inc. (NASDAQ:ISSC - Free Report) by 50.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 59,940 shares of the aerospace company's stock after selling 59,940 shares during the period. Mesirow Financial Investment Management Inc. owned about 0.34% of Innovative Solutions and Support worth $377,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ISSC. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Innovative Solutions and Support during the fourth quarter worth $107,000. Geode Capital Management LLC lifted its holdings in shares of Innovative Solutions and Support by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 125,592 shares of the aerospace company's stock worth $1,073,000 after purchasing an additional 3,835 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Innovative Solutions and Support by 18.5% during the fourth quarter. Renaissance Technologies LLC now owns 480,659 shares of the aerospace company's stock worth $4,105,000 after purchasing an additional 75,100 shares during the period. XTX Topco Ltd acquired a new stake in shares of Innovative Solutions and Support during the fourth quarter worth $119,000. Finally, Walleye Capital LLC acquired a new stake in shares of Innovative Solutions and Support during the fourth quarter worth $287,000. 28.53% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Solutions and Support Stock Down 0.2%

Shares of ISSC traded down $0.03 during trading hours on Friday, hitting $15.51. 588,942 shares of the company were exchanged, compared to its average volume of 531,627. The company has a market cap of $273.04 million, a PE ratio of 25.43 and a beta of 0.94. The firm's 50 day moving average is $13.42 and its 200-day moving average is $9.84. Innovative Solutions and Support, Inc. has a 52 week low of $5.30 and a 52 week high of $16.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.66 and a current ratio of 4.87.

Innovative Solutions and Support (NASDAQ:ISSC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The aerospace company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.12 by $0.18. Innovative Solutions and Support had a return on equity of 24.37% and a net margin of 16.61%. The firm had revenue of $21.94 million during the quarter, compared to analysts' expectations of $15.37 million.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ISSC. Singular Research upgraded Innovative Solutions and Support to a "strong-buy" rating in a research report on Friday, May 16th. Wall Street Zen upgraded Innovative Solutions and Support from a "hold" rating to a "buy" rating in a report on Wednesday, May 21st.

Insider Activity

In other Innovative Solutions and Support news, major shareholder Christopher Harborne sold 145,009 shares of Innovative Solutions and Support stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $13.69, for a total transaction of $1,985,173.21. Following the transaction, the insider directly owned 1,583,411 shares in the company, valued at approximately $21,676,896.59. The trade was a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 713,234 shares of company stock valued at $9,102,691. 4.40% of the stock is owned by company insiders.

Innovative Solutions and Support Company Profile

Innovative Solutions and Support, Inc, a systems integrator, designs, develops, manufactures, sells, and services flight guidance, autothrottles, and cockpit display systems in the United States and internationally. It offers flat panel display systems that replicate the display of analog or digital displays on one screen and replace existing displays in legacy aircraft, as well as used for security monitoring on-board aircraft and as tactical workstations on military aircraft; and flight deck management system, a navigation and performance computer that upgrade for commercial air transport aircraft.