Jeffrey L. Gendell, CEO of IES Holdings, Inc. (NASDAQ:IESC), reported selling shares in a recent SEC filing. The transaction comes as IES Holdings, a $5.9 billion market cap company, has delivered an impressive 275% return year-to-date. On December 2, 2024, Gendell sold a total of 3,079 shares of common stock, with transaction prices ranging from $313.44 to $314.25 per share, amounting to a total of $966,994. Following these sales, Gendell's holdings in the company were reduced to 10,971,289 shares. According to InvestingPro, the stock is currently trading near its Fair Value.
Additionally, on December 1, 2024, 11,584 shares were disposed of to cover tax withholding obligations related to the vesting of Phantom Stock Units. These shares were withheld at a price of $309.86 each, totaling $3,589,418. InvestingPro analysis reveals the company maintains strong financial health with 12+ additional insights available to subscribers, including the fact that IES holds more cash than debt on its balance sheet.
In other recent news, a consortium led by Mason Capital Management LLC, including IES Holdings, Inc., has reached a definitive agreement to acquire CB&I storage solutions business from McDermott International, Ltd. The acquisition, expected to close in the fourth quarter of 2024, is set to establish CB&I as an independent entity with a debt-free balance sheet.
In other recent developments, IES Holdings, Inc. reported a 31% surge in revenue to $768 million for its third quarter ending June 30, 2024. The company's operating income rose to $90.2 million, marking a 163% increase from the previous fiscal year. Net income attributable to IES for the quarter was $62.1 million, reflecting a 175% increase from the prior year's quarter.
IES Holdings also added John Louis Fouts, a seasoned investment expert, to its Board of Directors. However, the company reported the resignation of Elizabeth D. Leykum from its Board of Directors due to other commitments. Lastly, IES Holdings continued its share repurchase program, with $20.9 million in shares repurchased during the third quarter and a new $200 million share repurchase program authorized post-quarter.
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