Bank of Montreal Can Grows Stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Bank of Montreal Can raised its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 22.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,743 shares of the company’s stock after buying an additional 6,177 shares during the quarter. Bank of Montreal Can’s holdings in Ivanhoe Electric were worth $255,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth approximately $80,000. KLP Kapitalforvaltning AS bought a new stake in shares of Ivanhoe Electric during the fourth quarter valued at approximately $103,000. Arizona State Retirement System purchased a new stake in Ivanhoe Electric in the fourth quarter worth $171,000. Wells Fargo & Company MN raised its holdings in Ivanhoe Electric by 51.6% in the fourth quarter. Wells Fargo & Company MN now owns 39,131 shares of the company’s stock worth $295,000 after purchasing an additional 13,311 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Ivanhoe Electric by 125.8% in the fourth quarter. Intech Investment Management LLC now owns 43,211 shares of the company’s stock worth $326,000 after purchasing an additional 24,074 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Analyst Upgrades and Downgrades

IE has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group reduced their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 6th. Scotiabank dropped their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. Finally, Raymond James set a $15.00 price objective on shares of Ivanhoe Electric and gave the company an “outperform” rating in a research note on Friday, April 4th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $12.88.

Insiders Place Their Bets

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd purchased 5,000 shares of Ivanhoe Electric stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the completion of the transaction, the vice president now owns 11,510 shares of the company’s stock, valued at approximately $67,103.30. This trade represents a 76.80 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of the stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $5.76 per share, with a total value of $288,000.00. Following the transaction, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at $4,209,137.28. The trade was a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 75,000 shares of company stock worth $434,350 in the last 90 days. 10.50% of the stock is currently owned by corporate insiders.

Ivanhoe Electric Stock Performance

NYSEAMERICAN:IE opened at $6.74 on Friday. The stock has a 50-day moving average price of $5.99 and a 200 day moving average price of $7.64. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. Ivanhoe Electric Inc. has a 12-month low of $4.50 and a 12-month high of $12.98. The stock has a market capitalization of $813.99 million, a P/E ratio of -4.24 and a beta of 0.74.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.