Jeffrey L. Gendell, Chief Executive Officer of IES Holdings, Inc. (NASDAQ:IESC), recently sold a portion of his shares in the company. The stock has seen significant volatility lately, dropping 16% in the past week despite an impressive 170% gain year-to-date, according to InvestingPro data. According to a recent SEC filing, Gendell sold 470 shares of IES Holdings' common stock, with the transactions executed at a weighted average price of $252.25 per share. The sales, which occurred on December 16, 2024, were conducted at prices ranging from $252.24 to $252.44 per share. The total value of these transactions amounts to $118,557. Based on InvestingPro analysis, the company shows strong financial health with a robust current ratio of 1.67 and minimal debt exposure. Following this sale, Gendell retains ownership of 10,957,184 shares indirectly through various entities. The company maintains impressive profitability metrics, with a return on equity of 38% and a healthy gross profit margin of 24%.
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 is expected to close in the fourth quarter of 2024, establishing CB&I as an independent entity with a debt-free balance sheet. In addition to this acquisition, IES Holdings reported a significant financial growth for its third quarter ending June 30, 2024. The company's revenue surged by 31% to $768 million, and its operating income rose to $90.2 million, a 163% increase from the previous fiscal year.
The company also continued its share repurchase program, with $20.9 million in shares repurchased during the third quarter, and a new $200 million share repurchase program was authorized post-quarter. In terms of board changes, IES Holdings announced the addition of John Louis Fouts, an investment expert, to its Board of Directors, while also reporting the resignation of Elizabeth D. Leykum. These are recent developments in the companies, providing investors with an insight into their recent activities and financial health.
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