IES (NASDAQ:IESC) Stock Price Up 8.2% - Here's Why

Shares of IES Holdings, Inc. (NASDAQ:IESC - Get Free Report) were up 8.2% on Friday . The company traded as high as $310.89 and last traded at $310.50. Approximately 46,514 shares were traded during trading, a decline of 66% from the average daily volume of 135,264 shares. The stock had previously closed at $286.95.

Analysts Set New Price Targets

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

IES Price Performance

The firm has a market cap of $6.19 billion, a P/E ratio of 31.33 and a beta of 1.37. The firm's 50-day moving average price is $236.46 and its 200 day moving average price is $182.60.

IES declared that its board has approved a share repurchase program on Friday, August 2nd that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at IES

In other news, VP Mary K. Newman sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $286.23, for a total transaction of $715,575.00. Following the completion of the transaction, the vice president now directly owns 18,286 shares of the company's stock, valued at approximately $5,234,001.78. This represents a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the 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 sale, the chief executive officer now owns 11,036,984 shares in the company, valued at $1,747,044,197.36. The trade was a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,708 shares of company stock worth $15,810,182 over the last 90 days. Insiders own 59.19% of the company's stock.

Hedge Funds Weigh In On IES

Several institutional investors have recently modified their holdings of IESC. Federated Hermes Inc. boosted its stake in IES by 258.7% during the 2nd quarter. Federated Hermes Inc. now owns 269 shares of the technology company's stock valued at $37,000 after purchasing an additional 194 shares during the period. Quest Partners LLC increased its position in IES by 41.0% in the 2nd quarter. Quest Partners LLC now owns 296 shares of the technology company's stock valued at $41,000 after acquiring an additional 86 shares during the period. Gladius Capital Management LP bought a new stake in IES during the 3rd quarter valued at $44,000. Contravisory Investment Management Inc. acquired a new position in IES during the 2nd quarter worth $48,000. Finally, CWM LLC grew its stake in shares of IES by 252.7% in the second quarter. CWM LLC now owns 582 shares of the technology company's stock worth $81,000 after purchasing 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.