Vanguard Group Inc. Buys 1,290,175 Shares of Ivanhoe Electric Inc. $IE

Vanguard Group Inc. boosted its holdings in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 24.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,579,446 shares of the company’s stock after purchasing an additional 1,290,175 shares during the quarter. Vanguard Group Inc. owned about 4.55% of Ivanhoe Electric worth $105,140,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IE. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 24.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock valued at $813,000 after purchasing an additional 17,896 shares during the period. Rhumbline Advisers boosted its stake in Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after purchasing an additional 8,622 shares during the period. Invesco Ltd. boosted its stake in Ivanhoe Electric by 3.8% during the 2nd quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock valued at $305,000 after purchasing an additional 1,247 shares during the period. Sei Investments Co. boosted its stake in Ivanhoe Electric by 33.6% during the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock valued at $1,022,000 after purchasing an additional 28,318 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Ivanhoe Electric by 42.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock valued at $12,273,000 after purchasing an additional 378,760 shares during the period. Institutional investors own 79.05% of the company’s stock.

Insider Buying and Selling

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin sold 6,808 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $89,865.60. Following the completion of the sale, the chief executive officer owned 626,110 shares in the company, valued at approximately $8,264,652. This trade represents a 1.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jordan Neeser sold 17,123 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $226,023.60. Following the completion of the sale, the chief financial officer owned 84,247 shares of the company’s stock, valued at $1,112,060.40. This represents a 16.89% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 183,912 shares of company stock worth $2,831,321. 12.06% of the stock is currently owned by corporate insiders.

Ivanhoe Electric Trading Down 1.8%

Shares of IE stock opened at $14.61 on Wednesday. The stock has a 50 day moving average of $13.19 and a two-hundred day moving average of $14.77. Ivanhoe Electric Inc. has a 12 month low of $6.53 and a 12 month high of $21.55. The company has a market capitalization of $2.31 billion, a P/E ratio of -18.04 and a beta of 1.16.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. reduced their price objective on Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat, Ivanhoe Electric has a consensus rating of “Buy” and an average target price of $17.88.

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.