Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

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.

Recommended Reading:

Activist Jana Partners Buys a Boatload of Safeway Inc. (SWY)

Hedge Fund Highlights: Jeffrey Ubben, D.E. Shaw, Microsoft Corporation (MSFT)

Donald Yacktman Says Apple Inc. (AAPL) Isn’t As Cheap As You Think, Explains Why Microsoft Corporation (MSFT) Is Better

Disclosure: none