IES Holdings, Inc. (NASDAQ:IESC) has reported a series of transactions involving the sale of company stock by Jeffrey L. Gendell, CEO and a significant shareholder, as well as several affiliated entities. The sales, which took place between September 12 and September 16, 2024, amounted to a total of over $23.9 million.
According to the report, the shares were sold at prices ranging from $157.82 to $163.30. On September 12, a total of 31,106 shares were sold at an average price of $157.82, with transactions occurring between $157.50 and $158.00. On the same day, another 12,372 shares were sold at an average of $158.69, with prices ranging from $158.50 to $159.49. Additionally, 4,383 shares were sold at an average of $160.50, with a price range from $160.50 to $160.61.
The transactions continued on September 13, with 33,152 shares being sold at an average price of $158.77, within a range of $158.50 to $159.25. Other sales on that day included 8,987 shares at an average of $159.50, priced from $159.50 to $160.00, and 11,166 shares at an average of $161.19, with a range between $161.00 and $161.47. Additionally, 1,487 shares were sold at an average price of $163.30, with transactions ranging from $163.14 to $163.46.
On September 16, the sales concluded with 32,378 shares sold at a flat rate of $160.00, and 4,969 shares sold at $161.53 each.
These transactions were executed indirectly through several entities, including Tontine Capital Partners L.P., Tontine Capital Management LLC, Tontine Management LLC, Tontine Capital Overseas Master Fund II, L.P., Tontine Asset Associates, L.L.C., Tontine Associates, L.L.C., and Tontine Capital Overseas GP, L.L.C., all of which are affiliated with Mr. Gendell. The footnotes in the report clarify the relationship between these entities and Mr. Gendell, as well as the indirect nature of the ownership.
Investors and market watchers often keep a close eye on insider transactions as they can provide valuable insights into the company's performance and the confidence that executives have in the firm's future prospects.
In other recent news, IES Holdings, Inc. has reported a significant financial growth for its third quarter ending June 30, 2024. The company's revenue surged by 31% to $768 million, while operating income rose to $90.2 million, a 163% increase from the previous fiscal year. Net income attributable to IES for the quarter was $62.1 million, marking a 175% increase from the prior year's quarter. Furthermore, the company's backlog, indicative of its ongoing growth trajectory, stood at approximately $1.7 billion.
In addition to the strong financial performance, IES Holdings continued its share repurchase program, with $20.9 million in shares repurchased during the third quarter. The Board of Directors authorized a new $200 million share repurchase program following the end of the quarter.
In other developments, Elizabeth D. Leykum resigned from the Board of Directors of IES Holdings. The decision was not due to any disagreements with the company regarding its operations, policies, or practices. These are the recent developments in the company.
InvestingPro Insights
IES Holdings, Inc. (NASDAQ:IESC) has been making headlines with insider transactions, but what does the broader financial picture look like for the company? According to InvestingPro data, IES Holdings is currently trading with a P/E Ratio of 18.55, which is adjusted to 18.04 for the last twelve months as of Q3 2024. This ratio suggests that the company is trading at a low price relative to its near-term earnings growth, which could indicate an attractive valuation for investors considering the company's recent performance.
InvestingPro Tips highlight that IES Holdings has experienced a significant return over the past week, with an 11.12% price total return, reflecting a strong short-term performance. In addition, the company has maintained a high return over the last year, with a 137.56% price total return, signaling robust growth for shareholders over a longer period. Furthermore, with liquid assets exceeding short-term obligations, IES Holdings appears to be in a good position to meet its immediate financial commitments.
For investors looking for more detailed analysis, InvestingPro offers additional tips on IES Holdings, providing deeper insights into the company's financial health and market performance. There are currently 12 additional InvestingPro Tips available for IES Holdings at https://www.investing.com/pro/IESC, which can further guide investment decisions.
The company's strong return metrics and solid financial standing are key points of interest for those monitoring insider transactions and considering the implications for IES Holdings' future prospects. As always, investors are encouraged to review comprehensive data and trends to make informed decisions.
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