IES (NASDAQ:IESC) Stock Price Down 5.9% – Should You Sell?

IES Holdings, Inc. (NASDAQ:IESC) shares dropped 5.9% during mid-day trading on Wednesday . The stock traded as low as $267.06 and last traded at $268.80. Approximately 77,516 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 132,578 shares. The stock had previously closed at $285.51.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of IES from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th.

IES Trading Down 6.8 %

The company has a fifty day moving average price of $217.57 and a two-hundred day moving average price of $176.45. The firm has a market cap of $5.31 billion, a P/E ratio of 31.55 and a beta of 1.37.

IES declared that its board has authorized a stock buyback program on Friday, August 2nd that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at IES

In other IES news, CEO Jeffrey L. Et Al Gendell sold 37,347 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $160.20, for a total value of $5,982,989.40. Following the completion of the transaction, the chief executive officer now directly owns 10,934,845 shares in the company, valued at approximately $1,751,762,169. This represents a 0.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David B. Gendell sold 10,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $187.26, for a total value of $1,872,600.00. Following the completion of the sale, the director now owns 127,976 shares in the company, valued at $23,964,785.76. This trade represents a 7.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,208 shares of company stock worth $16,967,207 over the last quarter. 59.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IES

Hedge funds have recently bought and sold shares of the company. Gladius Capital Management LP acquired a new stake in IES in the third quarter valued at approximately $44,000. Federated Hermes Inc. boosted its position in IES by 258.7% during the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock worth $37,000 after purchasing an additional 194 shares during the period. Quest Partners LLC grew its position in shares of IES by 41.0% in the second quarter. Quest Partners LLC now owns 296 shares of the technology company’s stock valued at $41,000 after purchasing an additional 86 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of IES in the second quarter worth $48,000. Finally, CWM LLC raised its position in shares of IES by 252.7% during the 2nd quarter. CWM LLC now owns 582 shares of the technology company’s stock valued at $81,000 after buying an additional 417 shares in the last quarter. Institutional investors own 86.60% of the company’s stock.

About IES

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.