In a report released today, Nehal Chokshi from Maxim Group reiterated a Buy rating on IEC Electronics (NYSE: IEC), with a price target of $8. The company’s shares closed yesterday at $5.51.
Chokshi said:
“June quarter results dinged by component shortages… …but 53% q/q increase in orders to $54M is a strong indication final phase of turnaround is taking place. Raising estimates and 12-month price target to $8, from $7, and reiterating Buy rating.”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 16.7% and a 64.2% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Palo Alto Networks, and Vuzix Corporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for IEC Electronics with a $7.75 average price target.
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Based on IEC Electronics’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $202K. In comparison, last year the company had a net profit of $796K.
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IEC in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
IEC Electronics Corp. provides electronic manufacturing services to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The firm specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, precision sheet metal products, and advanced research and testing services. Its newest business unit, Dynamic Research and Testing Laboratory, which specializes in the testing and detection of counterfeit electronic parts, as well as component risk mitigation and advanced failure analysis for counterfeit electronics parts. The manufacturing services include printed circuit board and complex system level assembly, cable and wire harness assembly through IEC Electronics Wire & Cable, Inc. and Southern California Braiding Co., Inc., and precision sheet metal fabrication though Celmet Co., Inc. The company was founded by Roger E. Main in 1966 and is headquartered in Newark, NY.
