Shares of IES Holdings, Inc. (NASDAQ: IESC) experienced a significant decline of 5.6% during trading on Wednesday, bringing the stock down to $422.18. The stock hit an intraday low of $425.01 before closing, marking a stark drop from its previous closing price of $447.35. Approximately 48,193 shares changed hands, representing a 72% decrease from the average daily trading volume of 175,053 shares.
Recent Analyst Ratings and Earnings Report
Analysts have recently adjusted their ratings on IES shares. On November 30, Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating. Following this, Weiss Ratings reaffirmed a “buy (B-)” rating on December 8. Currently, one investment analyst has assigned a “Buy” rating, leading to an average rating of “Buy” according to data from MarketBeat.
In terms of financial performance, IES Holdings announced its earnings results on November 21, 2023. The company reported earnings per share (EPS) of $3.77 for the quarter, achieving a net margin of 8.99% and a return on equity of 36.43%. Revenue for the quarter reached $897.80 million, reflecting solid operational performance.
Insider Transactions and Hedge Fund Activity
In related news, several key insider transactions have occurred at IES. On December 10, Director David B. Gendell sold 17,867 shares at an average price of $452.20, amounting to a total transaction value of $8,079,457.40. Following this transaction, Gendell holds 70,669 shares in the company, valued at approximately $31,956,521.80. This sale represents a 20.18% reduction in his stake.
Additionally, CEO Matthew J. Simmes sold 10,000 shares on December 1 at an average price of $406.96, totaling $4,069,600.00. Subsequently, Simmes now owns 98,575 shares, valued at around $40,116,082, reflecting a 9.21% decrease in his ownership.
Over the last three months, insiders have sold a total of 217,661 shares worth nearly $96,387,385. Institutional investors currently hold 56.76% of the company’s stock, indicating a strong interest from large financial entities.
Hedge funds have also been active in trading IES shares. During the second quarter, Opal Wealth Advisors LLC acquired a new stake valued at approximately $25,000. Global Retirement Partners LLC increased its holdings by 1,014.3% in the third quarter, now owning 78 shares valued at $31,000. Other firms, including Nisa Investment Advisors LLC and SBI Securities Co. Ltd., similarly expanded their positions.
IES Holdings, Inc. operates as a specialty contractor focused on integrated electrical and mechanical construction services across North America. The company aims to provide comprehensive solutions for commercial and industrial facilities, combining various capabilities from design to maintenance.
