Bank of New York Mellon Corp Sells 1,542 Shares of IES Holdings, Inc. $IESC

Bank of New York Mellon Corp cut its position in IES Holdings, Inc. (NASDAQ:IESC) by 4.7% during the 1st quarter, HoldingsChannel reports. The firm owned 31,073 shares of the technology company’s stock after selling 1,542 shares during the quarter. Bank of New York Mellon Corp’s holdings in IES were worth $14,805,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in IES by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 274,725 shares of the technology company’s stock valued at $106,887,000 after acquiring an additional 6,349 shares during the period. Pertento Partners LLP raised its position in shares of IES by 17.1% during the fourth quarter. Pertento Partners LLP now owns 209,351 shares of the technology company’s stock worth $81,442,000 after purchasing an additional 30,583 shares during the period. State Street Corp raised its position in shares of IES by 1.2% during the fourth quarter. State Street Corp now owns 205,905 shares of the technology company’s stock worth $80,101,000 after purchasing an additional 2,517 shares during the period. Morgan Stanley lifted its holdings in shares of IES by 7.7% during the 4th quarter. Morgan Stanley now owns 171,488 shares of the technology company’s stock valued at $66,713,000 after purchasing an additional 12,232 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of IES by 25.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 164,722 shares of the technology company’s stock valued at $64,080,000 after purchasing an additional 33,273 shares in the last quarter. Institutional investors and hedge funds own 86.60% of the company’s stock.

IES Price Performance

Shares of NASDAQ IESC opened at $571.54 on Friday. The business has a 50-day moving average of $673.17 and a 200-day moving average of $569.44. The stock has a market capitalization of $11.39 billion, a price-to-earnings ratio of 30.48 and a beta of 1.78. IES Holdings, Inc. has a fifty-two week low of $309.51 and a fifty-two week high of $804.00.

IES (NASDAQ:IESC) last posted its quarterly earnings results on Friday, May 1st. The technology company reported $4.16 earnings per share for the quarter, beating 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 firm had revenue of $974.20 million during the quarter, compared to the consensus estimate of $1.01 billion.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on IESC shares. Freedom Capital lowered IES from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IES in a research note on Thursday, June 18th. Finally, Wall Street Zen downgraded shares of IES from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $458.00.

Insider Activity

In other news, Director Todd M. Cleveland sold 11,578 shares of the business’s 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 transaction, the director directly owned 65,817 shares in the company, valued at $43,670,895.84. The trade was a 14.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey L. Et Al Gendell sold 46,720 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $756.47, for a total value of $35,342,278.40. Following the transaction, the chairman directly owned 10,406,559 shares in the company, valued at $7,872,249,686.73. The trade was a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 208,102 shares of company stock valued at $146,518,202 over the last three months. Corporate insiders own 56.43% of the company’s stock.

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.