MFN Partners Management LP Makes New $24.54 Billion Investment in Ivanhoe Electric Inc. $IE

Key Points

• MFN Partners Management LP acquired 2.55 million Ivanhoe Electric shares, representing about 1.6% of the company and a reported value of approximately $24.5 million. Institutional investors collectively own 79.05% of the stock.
• Analysts remain broadly positive, with a consensus “Buy” rating and average price target of $17.83, although JPMorgan lowered its target from $21 to $20.
• Ivanhoe Electric reported quarterly EPS of $0.16, beating estimates, but revenue of $0.72 million fell short of forecasts. The company remains deeply unprofitable, with a negative net margin of 3,899.97% and analysts expecting a full-year loss.

MFN Partners Management LP purchased a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,553,191 shares of the company's stock, valued at approximately $24,536,166,000. Ivanhoe Electric makes up about 0.5% of MFN Partners Management LP's holdings, making the stock its 8th biggest holding. MFN Partners Management LP owned approximately 1.60% of Ivanhoe Electric at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Ivanhoe Electric during the second quarter worth approximately $146,309,000. Price T Rowe Associates Inc. MD raised its holdings in Ivanhoe Electric by 114.4% in 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 acquiring an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings 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 valued at $120,686,000 after acquiring an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Ivanhoe Electric by 308.8% during the 4th quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company's stock worth $47,496,000 after purchasing an additional 2,245,110 shares during the period. Finally, FIL Ltd purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth $23,970,000. Institutional investors and hedge funds own 79.05% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, Ivanhoe Electric has a consensus rating of "Buy" and an average price target of $17.83.

Ivanhoe Electric Stock Performance

IE opened at $11.27 on Friday. Ivanhoe Electric Inc. has a 1 year low of $7.86 and a 1 year high of $21.55. The company's 50 day simple moving average is $9.84 and its 200 day simple moving average is $12.40. The stock has a market capitalization of $1.80 billion, a PE ratio of -14.27 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to analyst estimates 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, sell-side analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal 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.

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