Primecap Management Co. CA Purchases 1,253,400 Shares of Ivanhoe Electric Inc. $IE

Primecap Management Co. CA lifted its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 79.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,828,284 shares of the company’s stock after buying an additional 1,253,400 shares during the quarter. Primecap Management Co. CA owned approximately 1.95% of Ivanhoe Electric worth $35,495,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. AlphaQuest LLC raised its holdings in Ivanhoe Electric by 881.3% during the second quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock valued at $85,000 after acquiring an additional 8,381 shares during the period. Teacher Retirement System of Texas raised its stake in Ivanhoe Electric by 13.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,033 shares of the company’s stock valued at $118,000 after purchasing an additional 1,587 shares during the period. Geode Capital Management LLC lifted its holdings in Ivanhoe Electric by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,077,062 shares of the company’s stock worth $18,841,000 after purchasing an additional 125,111 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in Ivanhoe Electric by 22.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 20,628 shares of the company’s stock worth $187,000 after purchasing an additional 3,822 shares during the period. Finally, Swiss National Bank grew its holdings in Ivanhoe Electric by 7.0% during the 2nd quarter. Swiss National Bank now owns 164,600 shares of the company’s stock valued at $1,493,000 after buying an additional 10,700 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $16.70 on Friday. The stock has a 50 day moving average price of $17.12 and a 200-day moving average price of $13.94. Ivanhoe Electric Inc. has a one year low of $4.50 and a one year high of $21.55. The company has a market capitalization of $2.63 billion, a P/E ratio of -21.14 and a beta of 0.98.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. boosted their target price on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat.com, Ivanhoe Electric presently has a consensus rating of “Buy” and a consensus target price of $18.13.

Insider Buying and Selling

In other Ivanhoe Electric news, insider Quentin Markin sold 90,000 shares of Ivanhoe Electric stock in a transaction on Monday, December 29th. The shares were sold at an average price of $16.34, for a total value of $1,470,600.00. Following the completion of the transaction, the insider directly owned 728,493 shares of the company’s stock, valued at $11,903,575.62. This trade represents a 11.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 12.06% of the stock is owned by company insiders.

Ivanhoe Electric Profile

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.