Norges Bank Buys New Shares in IES Holdings, Inc. $IESC

Norges Bank bought a new stake in IES Holdings, Inc. (NASDAQ:IESC) during the fourth quarter, HoldingsChannel reports. The fund bought 104,307 shares of the technology company’s stock, valued at approximately $40,578,000.

A number of other institutional investors have also added to or reduced their stakes in IESC. First Trust Advisors LP increased its stake in IES by 982.7% in the third quarter. First Trust Advisors LP now owns 323,893 shares of the technology company’s stock valued at $128,796,000 after acquiring an additional 293,977 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of IES by 324,337.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 120,042 shares of the technology company’s stock valued at $46,699,000 after buying an additional 120,005 shares during the last quarter. SG Capital Management LLC bought a new position in shares of IES during the third quarter valued at about $38,609,000. Parsifal Capital Management LP bought a new position in shares of IES during the third quarter valued at about $25,768,000. Finally, Raymond James Financial Inc. grew its stake in shares of IES by 3,965.1% during the third quarter. Raymond James Financial Inc. now owns 31,830 shares of the technology company’s stock valued at $12,657,000 after buying an additional 31,047 shares during the last quarter. Institutional investors own 86.60% of the company’s stock.

IES Trading Up 2.0%

IES stock opened at $734.91 on Tuesday. The firm has a 50-day moving average of $608.63 and a 200-day moving average of $501.88. The firm has a market cap of $14.64 billion, a P/E ratio of 39.20 and a beta of 1.78. IES Holdings, Inc. has a 1-year low of $259.30 and a 1-year high of $744.88.

IES (NASDAQ:IESC) last posted its earnings results on Friday, May 1st. The technology company reported $4.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.95 by $0.21. The company had revenue of $974.20 million during the quarter, compared to analyst estimates of $1.01 billion. IES had a net margin of 10.40% and a return on equity of 33.97%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on IESC shares. Wall Street Zen cut IES from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 10th. Freedom Capital cut IES from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $458.00.

Insider Activity

In other news, Director Todd M. Cleveland sold 11,578 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $663.52, for a total transaction of $7,682,234.56. Following the completion of the sale, the director directly owned 65,817 shares in the company, valued at approximately $43,670,895.84. This represents a 14.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Tracy Mclauchlin sold 3,000 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $662.61, for a total transaction of $1,987,830.00. Following the sale, the chief financial officer owned 62,525 shares of the company’s stock, valued at approximately $41,429,690.25. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 156,382 shares of company stock valued at $107,366,474. Company insiders own 56.43% 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.