IEC Electronics Corp (NYSE:IEC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of IEC Electronics Corp (NYSE:IEC) from a buy rating to a hold rating in a research report sent to investors on Tuesday, July 25th.

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) “

Other equities research analysts have also recently issued research reports about the stock. Noble Financial reissued a buy rating on shares of IEC Electronics Corp in a research report on Saturday, May 13th. TheStreet cut shares of IEC Electronics Corp from a c rating to a d+ rating in a research report on Monday, June 12th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $4.82.

Shares of IEC Electronics Corp (IEC) traded up 0.71% during mid-day trading on Tuesday, reaching $4.28. 12,937 shares of the company were exchanged. IEC Electronics Corp has a 12 month low of $3.21 and a 12 month high of $5.17. The firm’s market capitalization is $44.17 million. The company’s 50 day moving average price is $3.94 and its 200 day moving average price is $3.75.

IEC Electronics Corp (NYSE:IEC) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.07. The company had revenue of $26.49 million during the quarter, compared to analysts’ expectations of $26 million. IEC Electronics Corp had a negative net margin of 2.88% and a negative return on equity of 19.12%. Equities analysts anticipate that IEC Electronics Corp will post $0.08 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of IEC. Walthausen & Co. LLC increased its position in IEC Electronics Corp by 98.6% in the second quarter. Walthausen & Co. LLC now owns 158,870 shares of the technology company’s stock worth $572,000 after buying an additional 78,870 shares during the period. Punch & Associates Investment Management Inc. increased its position in shares of IEC Electronics Corp by 17.6% in the second quarter. Punch & Associates Investment Management Inc. now owns 321,200 shares of the technology company’s stock valued at $1,156,000 after buying an additional 48,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of IEC Electronics Corp by 12.4% in the fourth quarter. Renaissance Technologies LLC now owns 289,300 shares of the technology company’s stock valued at $1,033,000 after buying an additional 32,000 shares during the last quarter.

About IEC Electronics Corp

IEC Electronics Corp. provides electronic manufacturing services (EMS) to a range of technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with an array of manufacturing services encompassing electronics, interconnect solutions and precision metalworking.

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