Vestcor Inc Purchases 474,800 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Key Points

• Vestcor Inc increased its stake in Ivanhoe Electric Inc. by 191.5%, acquiring an additional 474,800 shares during the first quarter, bringing its total ownership to 722,781 shares worth approximately $4.2 million.
• Institutional investors now hold 79.05% of Ivanhoe Electric's stock, indicating a strong institutional interest in the company.
• Wall Street analysts have a consensus rating of Buy for Ivanhoe Electric, with price targets raised to $15.00 from $13.00 by JPMorgan Chase & Co.

Vestcor Inc raised its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 191.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 722,781 shares of the company's stock after buying an additional 474,800 shares during the quarter. Vestcor Inc owned about 0.60% of Ivanhoe Electric worth $4,199,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of IE. KLP Kapitalforvaltning AS acquired a new position in shares of Ivanhoe Electric during the fourth quarter valued at about $103,000. JPMorgan Chase & Co. boosted its position in Ivanhoe Electric by 7.8% in the 4th quarter. JPMorgan Chase & Co. now owns 72,196 shares of the company's stock worth $545,000 after purchasing an additional 5,245 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Ivanhoe Electric during the fourth quarter valued at $633,000. Wells Fargo & Company MN lifted its holdings in Ivanhoe Electric by 51.6% during the fourth quarter. Wells Fargo & Company MN now owns 39,131 shares of the company's stock valued at $295,000 after purchasing an additional 13,311 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Ivanhoe Electric by 22.4% in the 4th quarter. Bank of Montreal Can now owns 33,743 shares of the company's stock valued at $255,000 after purchasing an additional 6,177 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IE. JPMorgan Chase & Co. raised their target price on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, June 30th. Scotiabank restated an "outperform" rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. Finally, Raymond James Financial raised Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price target for the company in a report on Monday, June 30th. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $13.25.

Ivanhoe Electric Stock Up 0.3%

NYSEAMERICAN IE traded up $0.03 on Friday, hitting $9.59. 943,572 shares of the stock traded hands, compared to its average volume of 1,838,530. Ivanhoe Electric Inc. has a twelve month low of $4.50 and a twelve month high of $13.25. The company has a market capitalization of $1.27 billion, a P/E ratio of -11.28 and a beta of 0.88. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average of $9.21 and a 200 day moving average of $7.31.

Ivanhoe Electric Company Profile

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.