3,428,284 Shares in Ivanhoe Electric Inc. $IE Bought by Primecap Management Co. CA

Key Points

• Primecap Management purchased 3.43 million shares of Ivanhoe Electric during the second quarter, establishing a stake worth approximately $32.9 million and representing 2.15% of the company.
• Institutional investors collectively own 79.05% of Ivanhoe Electric, with several firms—including Invesco and BNP Paribas Financial Markets—also increasing their positions.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $17.83 price target, despite JPMorgan lowering its target to $20. The stock recently opened at $11.93, while the company reported quarterly EPS of $0.16, beating estimates, but revenue fell short of expectations.

Primecap Management Co. CA bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 3,428,284 shares of the company's stock, valued at approximately $32,946,000. Primecap Management Co. CA owned 2.15% of Ivanhoe Electric at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IE. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ivanhoe Electric by 3.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,657 shares of the company's stock worth $441,000 after acquiring an additional 957 shares during the last quarter. Invesco Ltd. increased its position 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. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Ivanhoe Electric by 1.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 119,248 shares of the company's stock worth $1,924,000 after purchasing an additional 1,536 shares during the last quarter. KBC Group NV acquired a new position in shares of Ivanhoe Electric in the 1st quarter worth approximately $28,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Ivanhoe Electric by 43.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock valued at $73,000 after purchasing an additional 2,449 shares during the last quarter. Institutional investors own 79.05% of the company's stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $17.83.

Ivanhoe Electric Stock Performance

IE stock opened at $11.93 on Thursday. The stock's 50 day simple moving average is $9.85 and its 200 day simple moving average is $12.22. Ivanhoe Electric Inc. has a fifty-two week low of $7.86 and a fifty-two week high of $21.55. The company has a market cap of $1.90 billion, a P/E ratio of -15.10 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to analysts' expectations of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. Equities analysts predict that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

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.

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