IEC Electronics (NYSEAMERICAN:IEC) Cut 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 research note published on Tuesday, 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) “

A number of other equities analysts have also recently issued reports on IEC. Maxim Group set a $10.00 target price on shares of IEC Electronics and gave the stock a buy rating in a research report on Wednesday, August 7th. TheStreet cut shares of IEC Electronics from a b- rating to a c rating in a research report on Wednesday, May 15th. Finally, Noble Financial restated a buy rating and set a $9.50 target price on shares of IEC Electronics in a research report on Monday.

IEC stock opened at $6.36 on Tuesday. IEC Electronics has a 52 week low of $5.00 and a 52 week high of $8.65.

IEC Electronics (NYSEAMERICAN:IEC) last released its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). The company had revenue of $40.32 million for the quarter.

In other IEC Electronics news, Director Keith M. Butler bought 8,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was bought at an average price of $6.27 per share, for a total transaction of $50,160.00. Following the completion of the transaction, the director now owns 51,704 shares in the company, valued at approximately $324,184.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 11,541 shares of company stock valued at $71,406.

Large investors have recently bought and sold shares of the company. Globeflex Capital L P acquired a new position in shares of IEC Electronics in the first quarter valued at approximately $74,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of IEC Electronics in the first quarter valued at approximately $207,000. Municipal Employees Retirement System of Michigan acquired a new position in shares of IEC Electronics in the second quarter valued at approximately $397,000. BlackRock Inc. raised its position in shares of IEC Electronics by 13.5% in the second quarter. BlackRock Inc. now owns 69,658 shares of the technology company’s stock valued at $438,000 after buying an additional 8,305 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of 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 buying an additional 57,600 shares during the last 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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