Wellington Management Group LLP Grows Stock Position in Ivanhoe Electric Inc. $IE

Key Points

• Wellington Management increased its Ivanhoe Electric stake by 24.2% in the second quarter, adding 1.37 million shares to own 7.04 million shares, or approximately 4.41% of the company. Institutional investors collectively hold 79.05% of the stock.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and average price target of $17.83. JPMorgan lowered its target from $21 to $20 while retaining an “overweight” rating.
• Ivanhoe Electric recently beat quarterly EPS estimates, reporting $0.16 versus the expected $0.12 loss, though revenue of $0.72 million fell short of estimates and the company continues to post substantial net losses.

Wellington Management Group LLP raised its position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 24.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,038,087 shares of the company's stock after buying an additional 1,371,303 shares during the quarter. Wellington Management Group LLP owned about 4.41% of Ivanhoe Electric worth $67,636,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Impala Asset Management LLC bought a new position in shares of Ivanhoe Electric during the 2nd quarter worth $1,345,000. Formula Growth Ltd. bought a new stake in Ivanhoe Electric in the 2nd quarter valued at about $611,000. Raffles Associates LP purchased a new stake in Ivanhoe Electric during the second quarter valued at about $4,585,000. Capstone Investment Advisors LLC purchased a new stake in Ivanhoe Electric during the second quarter valued at about $139,000. Finally, Bank of America Corp DE bought a new position in Ivanhoe Electric during the second quarter worth about $7,317,000. Hedge funds and other institutional investors own 79.05% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. reduced their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.83.

Ivanhoe Electric Price Performance

NYSEAMERICAN:IE opened at $10.09 on Thursday. Ivanhoe Electric Inc. has a 1 year low of $7.86 and a 1 year high of $21.55. The stock's fifty day moving average price is $9.86 and its two-hundred day moving average price is $11.99. The company has a market cap of $1.61 billion, a P/E ratio of -12.77 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last released 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 company had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. On average, analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal year.

Ivanhoe Electric 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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