Russell Investments Group Ltd. Sells 68,520 Shares of Ivanhoe Electric Inc. $IE

Key Points

• Russell Investments Group Ltd. reduced its stake in Ivanhoe Electric Inc. by 19.5%, owning 283,017 shares after selling 68,520 shares in the first quarter.
• Several institutional investors, including Price T Rowe Associates and Vanguard Group, increased their positions in Ivanhoe Electric, with ownership by hedge funds reaching 79.05%.
• Ivanhoe Electric recently received positive analyst ratings, with Cantor Fitzgerald initiating coverage and an average target price of $14.00.

Russell Investments Group Ltd. trimmed its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 19.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 283,017 shares of the company's stock after selling 68,520 shares during the period. Russell Investments Group Ltd. owned about 0.23% of Ivanhoe Electric worth $1,644,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Eagle Global Advisors LLC grew its stake in Ivanhoe Electric by 19.7% in the first quarter. Eagle Global Advisors LLC now owns 15,800 shares of the company's stock valued at $92,000 after acquiring an additional 2,600 shares during the period. Nuveen LLC acquired a new position in Ivanhoe Electric in the first quarter valued at about $1,032,000. Charles Schwab Investment Management Inc. grew its stake in Ivanhoe Electric by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 732,032 shares of the company's stock valued at $4,253,000 after acquiring an additional 23,626 shares during the period. Primecap Management Co. CA grew its stake in Ivanhoe Electric by 21.8% in the first quarter. Primecap Management Co. CA now owns 477,400 shares of the company's stock valued at $2,774,000 after acquiring an additional 85,600 shares during the period. Finally, Vanguard Group Inc. grew its stake in Ivanhoe Electric by 10.7% in the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock valued at $29,851,000 after acquiring an additional 496,058 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

NYSEAMERICAN IE traded down $0.28 during trading hours on Tuesday, reaching $8.64. 881,849 shares of the stock traded hands, compared to its average volume of 852,106. The stock has a 50 day simple moving average of $9.89 and a two-hundred day simple moving average of $7.64. Ivanhoe Electric Inc. has a 1 year low of $4.50 and a 1 year high of $13.25. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -13.50 and a beta of 0.88. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84.

Analysts Set New Price Targets

IE has been the subject of a number of research analyst reports. Raymond James Financial raised Ivanhoe Electric to a "moderate buy" rating and set a $15.00 target price for the company in a research note on Monday, June 30th. JPMorgan Chase & Co. boosted their price target on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, June 30th. Cantor Fitzgerald started coverage on Ivanhoe Electric in a report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 price target on the stock. Finally, Scotiabank restated an "outperform" rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $14.00.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the transaction, the vice president directly owned 194,226 shares of the company's stock, valued at approximately $1,732,495.92. This trade represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.06% of the company's stock.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.