Infrastructure and Energy Alternatives (NYSE:IEA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $11.00 price target on the stock. Zacks Investment Research‘s price target indicates a potential upside of 16.40% from the stock’s current price.
According to Zacks, “Infrastructure & Energy Alternatives, LLC is an infrastructure construction company with specialized energy and heavy civil expertise. The company provides an engineering, procurement and construction services supporting the renewable energy, traditional power, petrochemicals and civil infrastructure markets. Infrastructure & Energy Alternatives, LLC is based in Westchester, Illinois. “
Shares of IEA stock traded down $0.50 during trading hours on Thursday, hitting $9.45. The company had a trading volume of 34,496 shares, compared to its average volume of 126,648. Infrastructure and Energy Alternatives has a 12 month low of $8.25 and a 12 month high of $11.27.
Infrastructure and Energy Alternatives (NYSE:IEA) last released its quarterly earnings results on Thursday, August 9th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.19). The company had revenue of $174.07 million during the quarter, compared to analyst estimates of $169.93 million.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in Infrastructure and Energy Alternatives by 83.4% in the second quarter. BlackRock Inc. now owns 1,834,278 shares of the company’s stock valued at $17,077,000 after buying an additional 834,278 shares during the period. Royce & Associates LP raised its stake in shares of Infrastructure and Energy Alternatives by 5.6% in the second quarter. Royce & Associates LP now owns 655,000 shares of the company’s stock valued at $6,098,000 after acquiring an additional 35,000 shares during the period. Northern Trust Corp purchased a new stake in shares of Infrastructure and Energy Alternatives in the second quarter valued at $1,376,000. Renaissance Technologies LLC purchased a new stake in shares of Infrastructure and Energy Alternatives in the second quarter valued at $961,000. Finally, Acadian Asset Management LLC raised its stake in shares of Infrastructure and Energy Alternatives by 54.3% in the third quarter. Acadian Asset Management LLC now owns 80,012 shares of the company’s stock valued at $842,000 after acquiring an additional 28,170 shares during the period.
About Infrastructure and Energy Alternatives
Infrastructure and Energy Alternatives, Inc, an infrastructure construction company, provides engineering, procurement, construction, and maintenance services. It offers design, site development, construction, installation, and restoration of infrastructure services for the wind, solar, thermal, and biomass/alternative fuel power plants; and highways, bridges, and railroads, as well as provides other industrial services.
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