IEC Electronics (IEC) Stock Rating Lowered by Zacks Investment Research

IEC Electronics (NYSEAMERICAN:IEC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday, 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 brokerages also recently issued reports on IEC. TheStreet raised shares of IEC Electronics from a “c” rating to a “b-” rating in a report on Wednesday, February 13th. Maxim Group reissued a “buy” rating and set a $10.00 price target on shares of IEC Electronics in a report on Thursday, February 7th.

IEC Electronics stock opened at $6.68 on Thursday. IEC Electronics has a 12 month low of $4.77 and a 12 month high of $8.65.

IEC Electronics (NYSEAMERICAN:IEC) last released its quarterly earnings data on Wednesday, May 8th. The technology company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates 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 IEC Electronics news, Director Keith M. Butler sold 3,000 shares of the business’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $8.42, for a total value of $25,260.00. Following the sale, the director now directly owns 40,227 shares in the company, valued at $338,711.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas L. Barbato purchased 7,500 shares of the company’s stock in a transaction on Friday, May 10th. The stock was acquired at an average price of $6.36 per share, for a total transaction of $47,700.00. Following the completion of the transaction, the chief financial officer now owns 7,500 shares of the company’s stock, valued at approximately $47,700. The disclosure for this purchase can be found here.

A number of institutional investors have recently modified their holdings of IEC. Dimensional Fund Advisors LP raised its position in IEC Electronics by 40.1% in the third quarter. Dimensional Fund Advisors LP now owns 152,526 shares of the technology company’s stock worth $804,000 after acquiring an additional 43,670 shares in the last quarter. Renaissance Technologies LLC increased its stake in IEC Electronics by 36.8% in the 3rd quarter. Renaissance Technologies LLC now owns 428,594 shares of the technology company’s stock worth $2,259,000 after purchasing an additional 115,240 shares in the last quarter. Vanguard Group Inc. increased its stake in IEC Electronics by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 292,526 shares of the technology company’s stock worth $1,541,000 after purchasing an additional 11,900 shares in the last quarter. Vanguard Group Inc increased its stake in IEC Electronics by 4.2% in the 3rd quarter. Vanguard Group Inc now owns 292,526 shares of the technology company’s stock worth $1,541,000 after purchasing an additional 11,900 shares in the last quarter. Finally, IFP Advisors Inc purchased a new position in IEC Electronics in the 4th quarter worth about $124,000.

IEC Electronics Company Profile

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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