IEC Electronics (IEC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of IEC Electronics (NYSEAMERICAN:IEC) from a hold rating to a sell rating in a report issued on Thursday morning, Zacks.com reports.

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) “

Several other research analysts also recently commented on the stock. TheStreet raised shares of IEC Electronics from a c rating to a b- rating in a research note on Wednesday, February 13th. Maxim Group reaffirmed a buy rating and issued a $10.00 target price on shares of IEC Electronics in a research note on Thursday, February 7th.

Shares of IEC stock traded up $0.02 during trading hours on Thursday, hitting $6.92. 2,000 shares of the company’s stock were exchanged, compared to its average volume of 79,428. IEC Electronics has a 12-month low of $4.77 and a 12-month high of $8.65.

IEC Electronics (NYSEAMERICAN:IEC) last posted its quarterly earnings results on Wednesday, May 8th. The technology company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.09). The business had revenue of $37.29 million for the quarter, compared to analysts’ expectations of $37.00 million.

In other news, CFO Thomas L. Barbato bought 7,500 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average cost of $6.36 per share, with a total value of $47,700.00. Following the completion of the purchase, the chief financial officer now directly owns 7,500 shares in the company, valued at $47,700. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Keith M. Butler sold 3,000 shares of IEC Electronics stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $8.42, for a total transaction of $25,260.00. Following the completion of the transaction, the director now directly owns 40,227 shares in the company, valued at $338,711.34. The disclosure for this sale can be found here.

A number of institutional investors have recently modified their holdings of IEC. Renaissance Technologies LLC increased its position in IEC Electronics by 37.8% during the 1st quarter. Renaissance Technologies LLC now owns 454,900 shares of the technology company’s stock valued at $3,116,000 after purchasing an additional 124,800 shares during the period. Dimensional Fund Advisors LP increased its holdings in IEC Electronics by 50.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 227,525 shares of the technology company’s stock worth $1,559,000 after purchasing an additional 76,299 shares during the period. Parametric Portfolio Associates LLC purchased a new stake in IEC Electronics during the 1st quarter worth about $411,000. JPMorgan Chase & Co. increased its holdings in IEC Electronics by 389.5% during the 1st quarter. JPMorgan Chase & Co. now owns 41,218 shares of the technology company’s stock worth $282,000 after purchasing an additional 32,797 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in IEC Electronics during the 1st quarter worth about $207,000.

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 level of manufacturing.

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