Summit Partners Public Asset Management LLC Buys 74,438 Shares of IES Holdings, Inc. (NASDAQ:IESC)

Summit Partners Public Asset Management LLC grew its stake in IES Holdings, Inc. (NASDAQ:IESC) by 165.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,438 shares of the technology company’s stock after acquiring an additional 74,438 shares during the period. Summit Partners Public Asset Management LLC owned 0.60% of IES worth $23,842,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in IESC. Gladius Capital Management LP bought a new stake in IES during the 3rd quarter valued at $44,000. Federated Hermes Inc. raised its holdings in shares of IES by 258.7% in the second quarter. Federated Hermes Inc. now owns 269 shares of the technology company’s stock valued at $37,000 after acquiring an additional 194 shares in the last quarter. Quest Partners LLC lifted its stake in IES by 41.0% in the second quarter. Quest Partners LLC now owns 296 shares of the technology company’s stock worth $41,000 after acquiring an additional 86 shares during the period. Contravisory Investment Management Inc. purchased a new stake in IES in the second quarter worth about $48,000. Finally, CWM LLC grew its holdings in IES by 252.7% during the 2nd quarter. CWM LLC now owns 582 shares of the technology company’s stock worth $81,000 after acquiring an additional 417 shares in the last quarter. 86.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $158.29, for a total transaction of $7,575,917.69. Following the completion of the sale, the chief executive officer now owns 11,036,984 shares in the company, valued at approximately $1,747,044,197.36. This represents a 0.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $153.57, for a total value of $1,535,700.00. Following the completion of the sale, the director now directly owns 104,654 shares of the company’s stock, valued at $16,071,714.78. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,208 shares of company stock worth $15,094,607 in the last three months. 59.19% of the stock is owned by insiders.

Analysts Set New Price Targets

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

IES Stock Down 4.2 %

IES stock opened at $286.95 on Friday. IES Holdings, Inc. has a twelve month low of $68.78 and a twelve month high of $318.99. The business has a fifty day moving average of $231.87 and a two-hundred day moving average of $180.85. The firm has a market cap of $5.73 billion, a P/E ratio of 29.01 and a beta of 1.37.

IES announced that its Board of Directors has authorized a stock 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 believes its shares are undervalued.

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.