Bank of New York Mellon Corp Makes New $7.88 Million Investment in Ivanhoe Electric Inc. $IE

Key Points

• Bank of New York Mellon purchased 820,350 shares of Ivanhoe Electric, valued at approximately $7.88 million, giving it a 0.52% stake.
• Institutional investors collectively own 79.05% of the company, with Price T. Rowe Associates, Alyeska Investment Group, Vanguard, and State Street among major holders that increased their positions.
• Ivanhoe Electric shares opened at $9.83, near their 52-week low, while analysts maintain a consensus “Buy” rating with a $17.83 price target. The company beat quarterly EPS expectations but reported revenue below forecasts.

Bank of New York Mellon Corp purchased a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 820,350 shares of the company's stock, valued at approximately $7,884,000. Bank of New York Mellon Corp owned approximately 0.52% of Ivanhoe Electric at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Ivanhoe Electric by 114.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company's stock valued at $202,493,000 after buying an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in Ivanhoe Electric by 259.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company's stock worth $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Vanguard Group Inc. boosted its stake in Ivanhoe Electric by 24.4% in the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company's stock worth $105,140,000 after purchasing an additional 1,290,175 shares in the last quarter. State Street Corp grew its position in Ivanhoe Electric by 16.1% during the 4th quarter. State Street Corp now owns 6,451,563 shares of the company's stock worth $103,096,000 after purchasing an additional 895,102 shares during the last quarter. Finally, Primecap Management Co. CA grew its position in Ivanhoe Electric by 8.0% during the 4th quarter. Primecap Management Co. CA now owns 3,054,884 shares of the company's stock worth $48,817,000 after purchasing an additional 226,600 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ivanhoe Electric has a consensus rating of "Buy" and a consensus price target of $17.83.

Ivanhoe Electric Stock Down 2.6%

Shares of NYSEAMERICAN IE opened at $9.83 on Friday. Ivanhoe Electric Inc. has a 52 week low of $7.86 and a 52 week high of $21.55. The business's 50 day moving average price is $9.87 and its 200 day moving average price is $11.95. The firm has a market cap of $1.57 billion, a P/E ratio of -12.44 and a beta of 1.26.

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 the consensus estimate of ($0.12) by $0.28. The business had revenue of $0.72 million during the quarter, compared to analysts' expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. As a group, research analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Ivanhoe Electric Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.