IES (NASDAQ:IESC) Rating Increased to Buy at Freedom Broker

IES (NASDAQ:IESC) was upgraded by Freedom Broker from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a $440.00 price target on the technology company’s stock. Freedom Broker’s price objective would suggest a potential upside of 28.98% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Wall Street Zen raised IES from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Weiss Ratings downgraded IES from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 1st. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, IES presently has an average rating of “Moderate Buy” and a consensus target price of $277.25.

IES Trading Up 6.8%

NASDAQ IESC traded up $21.63 during mid-day trading on Friday, hitting $341.15. The company’s stock had a trading volume of 61,146 shares, compared to its average volume of 431,497. The company’s 50 day simple moving average is $232.50 and its 200 day simple moving average is $178.03. IES has a twelve month low of $170.07 and a twelve month high of $408.26. The firm has a market capitalization of $13.59 billion, a price-to-earnings ratio of 30.29 and a beta of 1.78.

IES (NASDAQ:IESC) last released its quarterly earnings data on Friday, July 31st. The technology company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.47. IES had a net margin of 11.40% and a return on equity of 35.70%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.08 billion.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC bought a new position in shares of IES in the second quarter worth $319,000. Integrated Wealth Concepts LLC bought a new stake in IES during the second quarter valued at $161,000. NewEdge Advisors LLC bought a new stake in IES during the second quarter valued at $1,191,000. Nykredit A S bought a new position in IES in the 2nd quarter worth about $243,000. Finally, HighTower Advisors LLC grew its holdings in shares of IES by 137.4% during the second quarter. HighTower Advisors LLC now owns 1,301 shares of the technology company’s stock worth $956,000 after purchasing an additional 753 shares in the last quarter. 86.60% of the stock is currently owned by hedge funds and other institutional investors.

About IES

IES Holdings, Inc (NASDAQ: IESC) is an industrial technology and infrastructure services company that designs, manufactures and installs electrical and mechanical systems. The company serves customers across the data center, industrial, commercial, residential and communications markets.

Its businesses provide electrical contracting, power distribution and control systems, communications infrastructure, structured cabling and related installation services. IES also manufactures and integrates modular and engineered systems used in data centers and other mission-critical facilities, while its residential operations support electrical and other building-system needs for housing construction.

Founded in 1997, IES Holdings serves customers primarily in the United States through operating companies and facilities located across multiple regions.