Cynosure Group LLC Sells 711 Shares of IES Holdings, Inc. (NASDAQ:IESC)

Cynosure Group LLC cut its holdings in shares of IES Holdings, Inc. (NASDAQ:IESC) by 25.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,103 shares of the technology company’s stock after selling 711 shares during the quarter. Cynosure Group LLC’s holdings in IES were worth $420,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in IESC. Hennessy Advisors Inc. purchased a new position in IES in the 2nd quarter worth $9,558,000. FMR LLC grew its stake in shares of IES by 4.6% during the third quarter. FMR LLC now owns 1,476,238 shares of the technology company’s stock valued at $294,687,000 after buying an additional 65,145 shares during the last quarter. F M Investments LLC purchased a new position in shares of IES in the third quarter worth about $10,887,000. Thrivent Financial for Lutherans bought a new stake in shares of IES in the 3rd quarter valued at about $10,426,000. Finally, Apis Capital Advisors LLC purchased a new stake in IES during the 2nd quarter valued at about $6,409,000. 86.60% of the stock is currently owned by institutional investors.

IES Stock Down 4.2 %

NASDAQ:IESC opened at $286.95 on Thursday. The firm has a market capitalization of $5.73 billion, a P/E ratio of 28.63 and a beta of 1.37. The company has a fifty day moving average of $229.44 and a 200 day moving average of $180.10. IES Holdings, Inc. has a 52 week low of $68.78 and a 52 week high of $318.99.

IES declared that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director David B. Gendell sold 10,000 shares of IES stock in a transaction on 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 sale, the director now owns 127,976 shares in the company, valued at $23,964,785.76. The trade was a 7.25 % decrease in their ownership of the stock. 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 business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $158.29, for a total transaction of $7,575,917.69. Following the transaction, the chief executive officer now directly owns 11,036,984 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 105,208 shares of company stock valued at $16,967,207. Insiders own 59.19% of the company’s stock.

Analyst Upgrades and Downgrades

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

IES Company Profile

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.