IES (NASDAQ:IESC) Shares Down 6.8% - Here's What Happened

Key Points

• IES Holdings shares fell 6.8% to about $688.35 in mid-day trading, while volume was 86% below the average session volume.
• The company reported quarterly EPS of $3.35, beating estimates of $2.42, and revenue of $1.24 billion versus expectations of $1.08 billion.
• IES announced a 2-for-1 stock split effective before the market opens August 24; analysts’ consensus rating is “Moderate Buy,” although insiders sold roughly $62 million of shares over the past three months.

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

Wall Street Analysts Forecast Growth

IESC has been the topic of several recent analyst reports. Wall Street Zen upgraded IES from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Freedom Capital downgraded IES from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of IES in a research report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $229.00.

IES Stock Down 4.9%

The stock has a market capitalization of $14.00 billion, a P/E ratio of 31.27 and a beta of 1.78. The company has a 50 day moving average of $367.09 and a 200-day moving average of $306.78.

IES shares are set to split before the market opens on Monday, August 24th. The 2-1 split was announced on Friday, July 31st. The newly created shares will be payable to shareholders after the closing bell on Friday, August 21st.

IES (NASDAQ:IESC - Get Free Report) last posted its earnings results on Friday, July 31st. The technology company reported $3.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.42 by $0.93. IES had a return on equity of 35.70% and a net margin of 11.40%.The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.08 billion.

Insider Buying and Selling

In other news, Director Todd M. Cleveland sold 10,000 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $380.94, for a total transaction of $3,809,450.00. Following the transaction, the director directly owned 121,748 shares of the company's stock, valued at approximately $46,379,291.86. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jeffrey L. Et Al Gendell sold 93,440 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $378.24, for a total transaction of $35,342,278.40. Following the completion of the sale, the chairman directly owned 20,813,118 shares of the company's stock, valued at $7,872,249,686.73. The trade was a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 168,170 shares of company stock valued at $61,991,652 over the last three months. Corporate insiders own 56.43% of the company's stock.

Institutional Investors Weigh In On IES

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. lifted its position in shares of IES by 62.5% in the first quarter. Optiver Holding B.V. now owns 52 shares of the technology company's stock worth $25,000 after buying an additional 20 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of IES by 121.4% in the 1st quarter. Parallel Advisors LLC now owns 62 shares of the technology company's stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Allworth Financial LP bought a new position in shares of IES in the 2nd quarter valued at approximately $25,000. KPP Advisory Services LLC lifted its holdings in IES by 5.3% in the 1st quarter. KPP Advisory Services LLC now owns 699 shares of the technology company's stock worth $333,000 after purchasing an additional 35 shares during the last quarter. Finally, Petra Financial Advisors Inc. lifted its holdings in IES by 2.3% in the 1st quarter. Petra Financial Advisors Inc. now owns 1,843 shares of the technology company's stock worth $878,000 after purchasing an additional 41 shares during the last quarter. Institutional investors own 86.60% of the company's stock.

About IES

IES Holdings, Inc NASDAQ: IESC is a specialty contractor providing integrated electrical and mechanical construction services, engineering, and systems integration across North America. The company focuses on delivering end-to-end solutions for commercial, industrial and mission-critical facilities, combining design, build, commission and maintenance capabilities to serve a wide range of markets.

Through its subsidiaries, IES offers a comprehensive portfolio of services including electrical distribution and infrastructure, mechanical contracting, process piping, controls and automation, energy management, and ongoing service and maintenance.

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