Russell Investments Group Ltd. Cuts Stock Holdings in Ivanhoe Electric Inc. $IE

Russell Investments Group Ltd. cut its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 19.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 283,017 shares of the company’s stock after selling 68,520 shares during the period. Russell Investments Group Ltd. owned approximately 0.23% of Ivanhoe Electric worth $1,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in IE. Price T Rowe Associates Inc. MD grew its position in shares of Ivanhoe Electric by 13.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company’s stock valued at $36,566,000 after purchasing an additional 589,456 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Ivanhoe Electric by 10.7% in the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company’s stock valued at $29,851,000 after purchasing an additional 496,058 shares in the last quarter. Vestcor Inc grew its position in shares of Ivanhoe Electric by 191.5% in the first quarter. Vestcor Inc now owns 722,781 shares of the company’s stock valued at $4,199,000 after purchasing an additional 474,800 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Ivanhoe Electric by 78.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company’s stock valued at $6,995,000 after purchasing an additional 402,879 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Ivanhoe Electric in the first quarter valued at approximately $1,032,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 134,059 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the transaction, the vice president owned 194,226 shares of the company’s stock, valued at approximately $1,732,495.92. This trade represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 12.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on IE. Cantor Fitzgerald began coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They issued an “overweight” rating and a $17.00 price target for the company. JPMorgan Chase & Co. upped their price target on Ivanhoe Electric from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, June 30th. Raymond James Financial upgraded Ivanhoe Electric to a “moderate buy” rating and set a $15.00 price objective on the stock in a report on Monday, June 30th. Finally, Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, Ivanhoe Electric has a consensus rating of “Buy” and an average target price of $14.00.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $8.92 on Thursday. The stock’s 50-day moving average is $9.84 and its two-hundred day moving average is $7.55. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -13.94 and a beta of 0.88. Ivanhoe Electric Inc. has a 1 year low of $4.50 and a 1 year high of $13.25. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.84 and a current ratio of 3.84.

About Ivanhoe Electric

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.