IEC Electronics Corp (NYSEAMERICAN:IEC) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 43,800 shares, a growth of 116.8% from the July 31st total of 20,200 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average daily volume of 39,600 shares, the days-to-cover ratio is presently 1.1 days.
Several research analysts have weighed in on the stock. Noble Financial reiterated a “buy” rating and issued a $9.50 price objective on shares of IEC Electronics in a research note on Monday, August 12th. Zacks Investment Research lowered shares of IEC Electronics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. TheStreet raised shares of IEC Electronics from a “c” rating to a “b-” rating in a research note on Friday, August 30th. Finally, Maxim Group set a $10.00 price target on shares of IEC Electronics and gave the company a “buy” rating in a report on Wednesday, August 7th.
Several hedge funds and other institutional investors have recently made changes to their positions in IEC. Municipal Employees Retirement System of Michigan bought a new position in IEC Electronics during the second quarter valued at approximately $397,000. Royal Bank of Canada acquired a new stake in IEC Electronics in the second quarter valued at approximately $62,000. Vanguard Group Inc. lifted its stake in IEC Electronics by 20.7% in the second quarter. Vanguard Group Inc. now owns 335,325 shares of the technology company’s stock valued at $2,106,000 after acquiring an additional 57,600 shares during the last quarter. BlackRock Inc. grew its position in IEC Electronics by 13.5% in the second quarter. BlackRock Inc. now owns 69,658 shares of the technology company’s stock worth $438,000 after acquiring an additional 8,305 shares in the last quarter. Finally, Globeflex Capital L P bought a new stake in IEC Electronics in the first quarter worth approximately $74,000.
IEC Electronics (NYSEAMERICAN:IEC) last posted its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.05). The firm had revenue of $40.32 million during the quarter.
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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