Primecap Management Co. CA Takes Position in Ivanhoe Electric Inc. $IE

Primecap Management Co. CA purchased a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 3,428,284 shares of the company’s stock, valued at approximately $32,946,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in Ivanhoe Electric by 24.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock worth $813,000 after acquiring an additional 17,896 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Ivanhoe Electric by 7.7% in the second quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after purchasing an additional 8,622 shares during the last quarter. Invesco Ltd. lifted its position in shares of Ivanhoe Electric by 3.8% during the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock valued at $305,000 after purchasing an additional 1,247 shares in the last quarter. Sei Investments Co. boosted its holdings in Ivanhoe Electric by 33.6% during the second quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock worth $1,022,000 after purchasing an additional 28,318 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ivanhoe Electric by 42.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock worth $12,273,000 after purchasing an additional 378,760 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reduced their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $17.83.

Ivanhoe Electric Trading Up 0.2%

IE stock opened at $11.93 on Thursday. The stock has a market cap of $1.90 billion, a P/E ratio of -15.10 and a beta of 1.24. The stock’s fifty day simple moving average is $9.85 and its two-hundred day simple moving average is $12.22. Ivanhoe Electric Inc. has a 1-year low of $7.86 and a 1-year high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. As a group, analysts forecast that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal year.

Ivanhoe Electric Company 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.