Legal & General Group Plc Purchases New Shares in Ivanhoe Electric Inc. $IE

Key Points

• Legal & General Group Plc purchased 1,872,464 shares of Ivanhoe Electric, valued at approximately $18.0 million, representing about 1.17% of the company.
• Institutional investors and hedge funds own 79.05% of Ivanhoe Electric, while several firms—including Tower Research Capital and BNP Paribas—recently increased their positions.
• Ivanhoe Electric received a consensus “Buy” rating with an average price target of $17.83, compared with its recent opening price of $11.19; the company also exceeded quarterly EPS expectations despite reporting minimal revenue and continued losses.

Legal & General Group Plc bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,872,464 shares of the company's stock, valued at approximately $17,994,000. Legal & General Group Plc owned about 1.17% of Ivanhoe Electric as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IE. KBC Group NV acquired a new position in Ivanhoe Electric during the 1st quarter worth about $28,000. Tower Research Capital LLC TRC increased its position in Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company's stock valued at $57,000 after acquiring an additional 3,713 shares in the last quarter. Summit Securities Group LLC increased its position in Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company's stock valued at $71,000 after acquiring an additional 18,900 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock worth $73,000 after acquiring an additional 2,449 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of Ivanhoe Electric in the first quarter worth about $81,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

Shares of IE opened at $11.19 on Monday. Ivanhoe Electric Inc. has a 12-month low of $7.86 and a 12-month high of $21.55. The firm has a market capitalization of $1.79 billion, a PE ratio of -14.16 and a beta of 1.24. The stock's fifty day simple moving average is $9.85 and its 200-day simple moving average is $12.13.

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, topping analysts' consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Analysts anticipate that Ivanhoe Electric Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. decreased 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. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $17.83.

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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