IES (NASDAQ:IESC) Trading Down 5.2% - Here's What Happened

Key Points

• IES Holdings shares fell 5.2% to about $307.38 in midday trading, with volume roughly 70% below the average daily level.
• The company reported strong quarterly results, posting $1.68 in earnings per share versus the $1.21 consensus estimate and revenue of $1.24 billion, ahead of the $1.08 billion forecast.
• Analyst sentiment remains cautiously positive, with the stock carrying a “Moderate Buy” average rating, while insiders sold approximately $60.5 million of shares over the past three months.

IES Holdings, Inc. (NASDAQ:IESC - Get Free Report) was down 5.2% during mid-day trading on Tuesday . The stock traded as low as $309.27 and last traded at $307.3750. Approximately 131,064 shares traded hands during trading, a decline of 70% from the average daily volume of 443,101 shares. The stock had previously closed at $324.12.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IESC. Wall Street Zen raised IES from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Weiss Ratings reissued a "buy (b)" rating on shares of IES in a research note on Thursday, June 18th. Finally, Freedom Capital cut IES from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $114.50.

IES Trading Down 4.3%

The company has a 50 day moving average price of $196.25 and a 200 day moving average price of $159.99. The firm has a market cap of $6.18 billion, a PE ratio of 13.80 and a beta of 1.78.

IES (NASDAQ:IESC - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The technology company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.47. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.08 billion. IES had a return on equity of 35.70% and a net margin of 11.40%.

Insider Buying and Selling at IES

In other IES news, Director Todd M. Cleveland sold 20,000 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $190.47, for a total value of $3,809,450.00. Following the sale, the director owned 243,496 shares of the company's stock, valued at $46,379,291.86. This 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 186,880 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $189.12, for a total transaction of $35,342,278.40. Following the completion of the sale, the chairman owned 41,626,236 shares in the company, valued at $7,872,249,686.73. This represents a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 328,120 shares of company stock worth $60,548,467 in the last three months. 56.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IES

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System raised its holdings in shares of IES by 71,071.5% in the second quarter. California State Teachers Retirement System now owns 7,611,078 shares of the technology company's stock worth $5,591,555,000 after acquiring an additional 7,600,384 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of IES during the second quarter valued at $649,086,000. Northwestern Mutual Wealth Management Co. increased its position in IES by 324,337.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 120,042 shares of the technology company's stock worth $46,699,000 after purchasing an additional 120,005 shares in the last quarter. Norges Bank purchased a new stake in IES during the 4th quarter worth about $40,578,000. Finally, First Trust Advisors LP raised its stake in IES by 40.4% in the 1st quarter. First Trust Advisors LP now owns 349,163 shares of the technology company's stock valued at $166,366,000 after purchasing an additional 100,425 shares during the last quarter. Hedge funds and other institutional investors own 86.60% of the company's stock.

IES Company Profile

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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