Norges Bank Acquires New Stake in IES Holdings, Inc. $IESC

Norges Bank acquired a new stake in IES Holdings, Inc. (NASDAQ:IESC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 104,307 shares of the technology company’s stock, valued at approximately $40,578,000. Norges Bank owned about 0.52% of IES at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of IESC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in IES by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,904 shares of the technology company’s stock valued at $810,000 after purchasing an additional 223 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of IES by 6.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 22,787 shares of the technology company’s stock worth $3,762,000 after acquiring an additional 1,435 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of IES during the second quarter worth $365,000. Quantbot Technologies LP purchased a new stake in shares of IES during the second quarter worth $89,000. Finally, Invesco Ltd. lifted its position in shares of IES by 43.7% during the second quarter. Invesco Ltd. now owns 91,567 shares of the technology company’s stock worth $27,125,000 after acquiring an additional 27,849 shares in the last quarter. Hedge funds and other institutional investors own 86.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Freedom Capital downgraded IES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded IES from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, IES currently has an average rating of “Moderate Buy” and a consensus price target of $458.00.

IES Stock Performance

Shares of IESC stock opened at $734.91 on Tuesday. IES Holdings, Inc. has a 52-week low of $259.30 and a 52-week high of $744.88. The company has a market capitalization of $14.64 billion, a PE ratio of 39.20 and a beta of 1.78. The business’s fifty day moving average is $608.63 and its 200 day moving average is $501.88.

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

Insiders Place Their Bets

In related news, Director Todd M. Cleveland sold 11,578 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $663.52, for a total value of $7,682,234.56. Following the sale, the director owned 65,817 shares in the company, valued at approximately $43,670,895.84. This trade represents a 14.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Simmes sold 7,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $658.24, for a total value of $4,607,680.00. Following the completion of the sale, the chief executive officer owned 86,575 shares in the company, valued at $56,987,128. This trade represents a 7.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 156,382 shares of company stock worth $107,366,474. 56.43% of the stock is currently owned by corporate insiders.

About IES

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.