Tontine Asset Management Trims Its Integrated Electrical Services, Inc. (IESC) Stake

In a recent 13D filing with the Securities and Exchange Commission, activist hedge fund Tontine Asset Management, managed by Jeffrey Gendell, disclosed dumping around 4 million shares of Integrated Electrical Services, Inc. (NASDAQ:IESC). The hedge fund’s updated stake in the infrastructure services provider now contains about 4.6 million shares, which at current prices, puts a value of $20.4 million on the position.

Integrated Electrical Services Inc

The sale looks interesting, especially when according to past 13F filings, we can see that the hedge fund has been holding its position unchanged for about two years now. It gets even more interesting amid a recent announcement made by Integrated Electrical Services, Inc. (NASDAQ:IESC). Last Friday, the company announced the completion of its acquisition of MISCOR Group, though it’s tough to say if Tontine is bearish on the post-merger IES, per say.

Regardless of the reasoning, it’s worth mentioning that Royce & Associates, managed by Chuck Royce, reported ownership of almost 1.5 million shares in the company last quarter. Other hedge fund bulls worth mentioning are Gregory Fraser, Rudolph Kluiber, Timothy Kroch’s Grt Capital Partners, in addition to Jim Simons’s Renaissance Technologies.

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Disclosure: none