Zacks Investment Research Lowers IEC Electronics (IEC) to Strong Sell
Zacks Investment Research lowered shares of IEC Electronics (NYSEAMERICAN:IEC) from a hold rating to a strong sell rating in a report issued on Wednesday morning.
According to Zacks, “IEC Electronics Corp. is a full service, ISO 9001 and 9002 certified, contract manufacturer employing state-of-the-art production utilizing both surface mount and pin-through-hole technology. IEC offers its customers a wide range of manufacturing and management services, on either a turnkey or consignment basis, including design prototyping, material procurement and control, concurrent engineering services, manufacturing and test engineering support, statistical quality assurance and complete resource management. (PRESS RELEASE) “
Separately, Noble Financial set a $8.00 price objective on IEC Electronics and gave the stock a buy rating in a research report on Friday, August 10th.
IEC Electronics (NYSEAMERICAN:IEC) last posted its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.15). IEC Electronics had a negative net margin of 2.34% and a negative return on equity of 13.93%. The company had revenue of $29.78 million during the quarter, compared to analyst estimates of $33.00 million.
In other IEC Electronics news, Director Charles P. Hadeed acquired 10,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was bought at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the transaction, the director now owns 56,329 shares of the company’s stock, valued at approximately $305,303.18. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 13,000 shares of company stock valued at $70,210 over the last quarter.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG boosted its position in shares of IEC Electronics by 191.7% during the fourth quarter. Deutsche Bank AG now owns 60,170 shares of the technology company’s stock worth $247,000 after buying an additional 39,544 shares during the period. EAM Investors LLC purchased a new position in shares of IEC Electronics during the second quarter worth $673,000. Finally, Renaissance Technologies LLC boosted its position in shares of IEC Electronics by 4.3% during the second quarter. Renaissance Technologies LLC now owns 313,354 shares of the technology company’s stock worth $1,827,000 after buying an additional 12,962 shares during the period.
About IEC Electronics
IEC Electronics Corp., together with its subsidiaries, provides electronic manufacturing services in the United States. It specializes in delivering technical solutions for the custom manufacturing, product configuration, and verification testing of engineered complex products that require a sophisticated level of manufacturing.
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