IES Holdings, Inc. (NASDAQ:IESC) Sees Large Decline in Short Interest

IES Holdings, Inc. (NASDAQ:IESC - Get Free Report) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 645,000 shares, a decrease of 7.7% from the October 15th total of 698,500 shares. Currently, 3.3% of the shares of the company are sold short. Based on an average daily volume of 127,900 shares, the days-to-cover ratio is presently 5.0 days.

Insider Activity at IES

In other IES news, Director David B. Gendell sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $187.26, for a total value of $1,872,600.00. Following the completion of the transaction, the director now owns 127,976 shares of the company's stock, valued at $23,964,785.76. This represents a 7.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $158.29, for a total value of $7,575,917.69. Following the completion of the sale, the chief executive officer now owns 11,036,984 shares of the company's stock, valued at $1,747,044,197.36. This represents a 0.43 % 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 in the last ninety days. 59.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IES

A number of hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in IES during the second quarter worth $3,328,000. Truvestments Capital LLC bought a new position in IES during the 1st quarter valued at about $499,000. Acadian Asset Management LLC boosted its position in IES by 1,863.1% in the first quarter. Acadian Asset Management LLC now owns 12,446 shares of the technology company's stock valued at $1,512,000 after buying an additional 11,812 shares in the last quarter. Janus Henderson Group PLC grew its stake in IES by 27.4% during the first quarter. Janus Henderson Group PLC now owns 26,609 shares of the technology company's stock worth $3,237,000 after buying an additional 5,720 shares during the last quarter. Finally, Versor Investments LP bought a new stake in IES during the second quarter worth about $934,000. 86.60% of the stock is owned by institutional investors and hedge funds.

IES Trading Up 3.5 %

NASDAQ:IESC traded up $9.02 during mid-day trading on Monday, hitting $267.04. The company's stock had a trading volume of 46,545 shares, compared to its average volume of 132,505. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 30.39 and a beta of 1.37. IES has a fifty-two week low of $65.43 and a fifty-two week high of $297.07. The stock has a fifty day moving average of $212.43 and a 200-day moving average of $174.68.

IES declared that its Board of Directors has initiated a share buyback program on Friday, August 2nd that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Separately, StockNews.com cut shares of IES from a "buy" rating to a "hold" rating in a research note on Tuesday, November 5th.

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.