MFN Partners Management LP Takes $24.54 Million Position in Ivanhoe Electric Inc. $IE

MFN Partners Management LP acquired a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,553,191 shares of the company's stock, valued at approximately $24,536,166. Ivanhoe Electric comprises 0.0% of MFN Partners Management LP's portfolio, making the stock its 8th largest holding. MFN Partners Management LP owned 1.60% of Ivanhoe Electric at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of IE. BlackRock Inc. bought a new position in Ivanhoe Electric in the 2nd quarter worth approximately $146,309,000. Deutsche Bank AG purchased a new stake in Ivanhoe Electric in the 2nd quarter valued at about $1,249,000. Bank of New York Mellon Corp acquired a new stake in Ivanhoe Electric in the second quarter worth about $7,884,000. GSA Capital Partners LLP acquired a new position in Ivanhoe Electric in the 2nd quarter worth about $126,000. Finally, J. Derek Lewis & Associates Inc. acquired a new position in Ivanhoe Electric in the 1st quarter valued at about $118,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Down 3.8%

Shares of NYSEAMERICAN IE traded down $0.45 during midday trading on Friday, hitting $11.24. 616,281 shares of the company's stock were exchanged, compared to its average volume of 2,108,386. The firm has a market capitalization of $1.79 billion, a PE ratio of -14.23 and a beta of 1.24. The company's 50 day moving average price is $9.86 and its 200 day moving average price is $12.18. Ivanhoe Electric Inc. has a 12 month low of $7.86 and a 12 month high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share (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 net margin of 3,899.97% and a negative return on equity of 26.29%. On average, equities research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 EPS 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.