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

IEC Electronics (NYSE:IEC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

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 analysts have also recently issued reports on the stock. TheStreet raised shares of IEC Electronics from a “sell” rating to a “hold” rating in a research note on Friday, August 26th. B. Riley reissued a “buy” rating and set a $6.50 price objective on shares of IEC Electronics in a research note on Monday, August 15th.

IEC Electronics (NYSE:IEC) opened at 3.92 on Friday. IEC Electronics has a one year low of $2.59 and a one year high of $5.64. The firm’s 50 day moving average price is $4.77 and its 200 day moving average price is $4.65. The stock has a market cap of $40.27 million and a price-to-earnings ratio of 8.39.

IEC Electronics (NYSE:IEC) last announced its quarterly earnings data on Wednesday, August 10th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The company had revenue of $32.50 million for the quarter, compared to analysts’ expectations of $32.99 million. Equities analysts forecast that IEC Electronics will post $0.58 earnings per share for the current year.

A hedge fund recently raised its stake in IEC Electronics stock. Walthausen & Co. LLC raised its position in IEC Electronics (NYSE:IEC) by 60.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 80,000 shares of the company’s stock after buying an additional 30,000 shares during the period. Walthausen & Co. LLC owned approximately 0.78% of IEC Electronics worth $332,000 at the end of the most recent quarter.

About IEC Electronics

IEC Electronics Corp. provides electronic contract manufacturing services (EMS) to companies in various industries that require advanced technology. The Company specializes in the custom manufacture of circuit board and system-level assemblies; a range of cable and wire harness assemblies capable of withstanding extreme environments, and precision metal components.

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