Wellington Management Group LLP Raises Stock Position in Ivanhoe Electric Inc. $IE

Wellington Management Group LLP increased its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 24.2% during the second quarter, HoldingsChannel.com reports. The fund owned 7,038,087 shares of the company’s stock after acquiring an additional 1,371,303 shares during the period. Wellington Management Group LLP’s holdings in Ivanhoe Electric were worth $67,636,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Ivanhoe Electric during the 2nd quarter valued at $146,309,000. Price T Rowe Associates Inc. MD raised its position in shares of Ivanhoe Electric by 114.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after buying an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. raised its position in shares of Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after buying an additional 5,451,646 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ivanhoe Electric by 24.4% in the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after buying an additional 1,290,175 shares in the last quarter. Finally, State Street Corp boosted its stake in Ivanhoe Electric by 16.1% during the fourth quarter. State Street Corp now owns 6,451,563 shares of the company’s stock valued at $103,096,000 after buying an additional 895,102 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.83.

Ivanhoe Electric Stock Up 0.6%

Shares of IE stock opened at $10.09 on Thursday. The business has a 50-day moving average price of $9.86 and a two-hundred day moving average price of $11.99. Ivanhoe Electric Inc. has a 12-month low of $7.86 and a 12-month high of $21.55. The firm has a market cap of $1.61 billion, a P/E ratio of -12.77 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million for 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, research analysts expect that Ivanhoe Electric Inc. will post -0.11 EPS 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.