KLP Kapitalforvaltning AS Boosts Stake in Ivanhoe Electric Inc. $IE

KLP Kapitalforvaltning AS raised its position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 67.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,000 shares of the company’s stock after buying an additional 9,300 shares during the period. KLP Kapitalforvaltning AS’s holdings in Ivanhoe Electric were worth $209,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Euro Pacific Asset Management LLC boosted its position in Ivanhoe Electric by 4.0% in the 2nd quarter. Euro Pacific Asset Management LLC now owns 481,681 shares of the company’s stock valued at $4,385,000 after buying an additional 18,335 shares during the last quarter. Truist Financial Corp boosted its position in Ivanhoe Electric by 36.4% in the 2nd quarter. Truist Financial Corp now owns 15,000 shares of the company’s stock valued at $136,000 after buying an additional 4,000 shares during the last quarter. Eagle Global Advisors LLC boosted its position in Ivanhoe Electric by 7.6% in the 2nd quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company’s stock valued at $154,000 after buying an additional 1,200 shares during the last quarter. Ballentine Partners LLC purchased a new position in Ivanhoe Electric in the 2nd quarter valued at about $93,000. Finally, Invst LLC purchased a new position in Ivanhoe Electric in the 1st quarter valued at about $1,302,000. 79.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IE has been the topic of a number of recent analyst reports. National Bankshares initiated coverage on shares of Ivanhoe Electric in a research note on Wednesday, September 3rd. They issued an “outperform” rating on the stock. Cantor Fitzgerald initiated coverage on shares of Ivanhoe Electric in a research note on Thursday, August 21st. They issued an “overweight” rating and a $17.00 target price on the stock. Raymond James Financial upped their target price on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. JPMorgan Chase & Co. upped their target price on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Finally, Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $14.80.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $8.92, for a total value of $1,195,806.28. Following the completion of the transaction, the vice president directly owned 194,226 shares in the company, valued at $1,732,495.92. This trade represents a 40.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 12.06% of the stock is owned by company insiders.

Ivanhoe Electric Trading Up 10.3%

Ivanhoe Electric stock opened at $16.75 on Tuesday. The firm has a 50 day simple moving average of $10.92 and a 200-day simple moving average of $9.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84. The stock has a market capitalization of $2.22 billion, a PE ratio of -26.17 and a beta of 0.98. Ivanhoe Electric Inc. has a 12-month low of $4.50 and a 12-month high of $17.90.

Ivanhoe Electric 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.