Navellier & Associates Inc. Trims Stake in IES Holdings, Inc. (NASDAQ:IESC)

Navellier & Associates Inc. reduced its position in shares of IES Holdings, Inc. (NASDAQ:IESC) by 42.3% in the third quarter, Holdings Channel reports. The firm owned 3,037 shares of the technology company’s stock after selling 2,230 shares during the period. Navellier & Associates Inc.’s holdings in IES were worth $606,000 at the end of the most recent reporting period.

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 second quarter worth $9,558,000. F M Investments LLC purchased a new position in IES in the third quarter worth $10,887,000. Thrivent Financial for Lutherans purchased a new position in IES in the third quarter worth $10,426,000. Apis Capital Advisors LLC purchased a new position in IES in the second quarter worth $6,409,000. Finally, Vanguard Group Inc. grew its position in IES by 10.0% in the first quarter. Vanguard Group Inc. now owns 479,315 shares of the technology company’s stock worth $58,304,000 after acquiring an additional 43,634 shares in the last quarter. 86.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at IES

In other news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $153.57, for a total transaction of $1,535,700.00. Following the completion of the transaction, the director now directly owns 104,654 shares of the company’s stock, valued at approximately $16,071,714.78. This represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jeffrey L. Et Al Gendell sold 47,861 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,747,044,197.36. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,208 shares of company stock worth $16,967,207 over the last three months. Company insiders own 59.19% of the company’s stock.

Wall Street Analysts Forecast Growth

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

IES Stock Up 1.8 %

NASDAQ IESC opened at $270.47 on Friday. The company has a 50-day simple moving average of $222.01 and a two-hundred day simple moving average of $177.72. IES Holdings, Inc. has a 12-month low of $68.51 and a 12-month high of $297.07. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 31.86 and a beta of 1.37.

IES declared that its Board of Directors has approved a stock repurchase plan on Friday, August 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is 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.