Bank of America Corp DE Reduces Stock Position in Integra Resources Corp. $ITRG

Key Points

• Bank of America reduced its Integra Resources position by 31.2% in the first quarter, selling 381,393 shares and retaining 840,724 shares worth approximately $2.3 million. Institutional investors collectively own 26.67% of ITRG.
• Integra Resources reported quarterly EPS of $0.06, below the $0.07 consensus estimate, while revenue of $69.42 million missed expectations of $82.69 million. The stock opened at $2.66 after declining 5.0%.
• Analyst sentiment remains favorable, with three Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $7.00—well above the current share price.

Bank of America Corp DE lessened its position in shares of Integra Resources Corp. (NYSEAMERICAN:ITRG - Free Report) by 31.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 840,724 shares of the company's stock after selling 381,393 shares during the period. Bank of America Corp DE owned approximately 0.42% of Integra Resources worth $2,295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ITRG. StoneX Group Inc. grew its holdings in shares of Integra Resources by 39.4% in the fourth quarter. StoneX Group Inc. now owns 15,965 shares of the company's stock worth $64,000 after purchasing an additional 4,515 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Integra Resources in the 4th quarter worth $29,000. Jane Street Group LLC boosted its holdings in shares of Integra Resources by 5.4% during the 4th quarter. Jane Street Group LLC now owns 171,694 shares of the company's stock valued at $688,000 after acquiring an additional 8,724 shares during the last quarter. Independent Advisor Alliance bought a new stake in shares of Integra Resources in the fourth quarter worth approximately $40,000. Finally, Hohimer Wealth Management LLC purchased a new position in shares of Integra Resources in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 26.67% of the company's stock.

Integra Resources Trading Down 5.0%

ITRG stock opened at $2.66 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.31 and a quick ratio of 3.42. The company has a market capitalization of $539.63 million, a PE ratio of 66.52 and a beta of 0.91. The firm's 50-day moving average is $2.41 and its 200 day moving average is $2.79. Integra Resources Corp. has a 12 month low of $1.99 and a 12 month high of $4.87.

Integra Resources (NYSEAMERICAN:ITRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The company had revenue of $69.42 million during the quarter, compared to analysts' expectations of $82.69 million. Integra Resources had a return on equity of 26.86% and a net margin of 4.14%. On average, research analysts anticipate that Integra Resources Corp. will post 0.28 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on ITRG. HC Wainwright restated a "buy" rating and set a $6.75 target price on shares of Integra Resources in a research report on Wednesday, August 12th. Zacks Research raised shares of Integra Resources from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. Finally, Roth Capital set a $5.00 target price on Integra Resources in a research report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $7.00.

Integra Resources Profile

Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company's flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra's business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.

Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.

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