The Manufacturers Life Insurance Company Invests $751,000 in Ivanhoe Electric Inc. $IE

The Manufacturers Life Insurance Company bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the second quarter, HoldingsChannel reports. The firm bought 78,126 shares of the company’s stock, valued at approximately $751,000.

Several other institutional investors also recently bought and sold shares of IE. BlackRock Inc. bought a new stake in Ivanhoe Electric in the 2nd quarter valued at $146,309,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ivanhoe Electric by 114.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after purchasing an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of Ivanhoe Electric by 259.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Ivanhoe Electric by 24.4% during the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock valued at $105,140,000 after purchasing an additional 1,290,175 shares in the last quarter. Finally, State Street Corp grew its position in shares of 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 purchasing an additional 895,102 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Ivanhoe Electric Stock Up 1.6%

Ivanhoe Electric stock opened at $9.99 on Friday. Ivanhoe Electric Inc. has a 52-week low of $7.86 and a 52-week high of $21.55. The firm’s fifty day moving average is $9.89 and its 200 day moving average is $11.93. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -12.65 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. The business had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.00 million. On average, equities research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal year.

About Ivanhoe Electric

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.