Franklin Resources Inc. Sells 94,964 Shares of Ivanhoe Electric Inc. $IE

Franklin Resources Inc. lessened its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 12.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 671,467 shares of the company’s stock after selling 94,964 shares during the quarter. Franklin Resources Inc. owned about 0.51% of Ivanhoe Electric worth $6,090,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of Ivanhoe Electric by 41.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company’s stock valued at $39,692,000 after buying an additional 1,988,562 shares in the last quarter. Primecap Management Co. CA raised its position in Ivanhoe Electric by 229.9% during the second quarter. Primecap Management Co. CA now owns 1,574,884 shares of the company’s stock valued at $14,284,000 after purchasing an additional 1,097,484 shares in the last quarter. EdgePoint Investment Group Inc. bought a new stake in Ivanhoe Electric during the first quarter worth $4,284,000. Legal & General Group Plc lifted its stake in Ivanhoe Electric by 44.5% during the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company’s stock worth $15,962,000 after purchasing an additional 541,719 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Ivanhoe Electric by 10.7% in the 1st 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. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. National Bank Financial raised shares of Ivanhoe Electric to a “strong-buy” rating in a report on Wednesday, September 3rd. Raymond James Financial lifted their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, October 10th. National Bankshares started coverage on shares of Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an “outperform” rating for the company. Finally, JPMorgan Chase & Co. increased their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.70.

Ivanhoe Electric Stock Performance

Ivanhoe Electric stock opened at $14.31 on Monday. The business has a 50 day moving average of $13.44 and a 200-day moving average of $10.59. The company has a market capitalization of $2.07 billion, a P/E ratio of -34.90 and a beta of 1.00. Ivanhoe Electric Inc. has a 1 year low of $4.50 and a 1 year high of $17.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.41 and a quick ratio of 1.41.

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.