Vestcor Inc Boosts Stock Position in 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 boosted its position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 191.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 722,781 shares of the company's stock after acquiring an additional 474,800 shares during the quarter. Vestcor Inc owned 0.60% of Ivanhoe Electric worth $4,199,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new stake in shares of Ivanhoe Electric in the fourth quarter worth $103,000. JPMorgan Chase & Co. increased its holdings in Ivanhoe Electric by 7.8% in the fourth 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 acquired a new position in Ivanhoe Electric in the fourth quarter valued at approximately $633,000. Wells Fargo & Company MN boosted its holdings in shares of Ivanhoe Electric by 51.6% during the 4th quarter. Wells Fargo & Company MN now owns 39,131 shares of the company's stock worth $295,000 after buying an additional 13,311 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Ivanhoe Electric by 22.4% during the fourth quarter. Bank of Montreal Can now owns 33,743 shares of the company's stock worth $255,000 after acquiring an additional 6,177 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IE has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. Scotiabank reaffirmed 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $13.25.

Ivanhoe Electric Trading Up 3.5%

NYSEAMERICAN IE traded up $0.34 during trading on Monday, hitting $9.93. The company had a trading volume of 420,731 shares, compared to its average volume of 955,899. The company's fifty day moving average is $9.21 and its 200-day moving average is $7.29. Ivanhoe Electric Inc. has a one year low of $4.50 and a one year high of $13.25. 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 company has a market cap of $1.32 billion, a price-to-earnings ratio of -11.67 and a beta of 0.88.

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.