Franklin Resources Inc. cut its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 26.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 466,431 shares of the company's stock after selling 167,000 shares during the period. Franklin Resources Inc. owned 0.39% of Ivanhoe Electric worth $3,522,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Barclays PLC increased its position in Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company's stock worth $1,150,000 after buying an additional 106,288 shares during the last quarter. State Street Corp lifted its position in shares of Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company's stock worth $27,132,000 after buying an additional 1,558,467 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Ivanhoe Electric by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company's stock worth $5,946,000 after acquiring an additional 8,023 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Ivanhoe Electric by 6.5% during the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company's stock valued at $807,000 after acquiring an additional 6,505 shares during the last quarter. Finally, Arizona State Retirement System bought a new position in shares of Ivanhoe Electric in the 4th quarter valued at approximately $171,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on IE shares. JPMorgan Chase & Co. lowered their price target on Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group lowered their target price on Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Scotiabank cut their price target on Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating for the company in a report on Monday, January 6th. Finally, Raymond James set a $15.00 price objective on shares of Ivanhoe Electric and gave the stock an "outperform" rating in a research note on Friday, April 4th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Ivanhoe Electric presently has a consensus rating of "Buy" and an average target price of $12.88.
View Our Latest Analysis on Ivanhoe Electric
Insider Buying and Selling at Ivanhoe Electric
In other Ivanhoe Electric news, CFO Jordan Neeser bought 20,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was purchased at an average price of $5.86 per share, with a total value of $117,200.00. Following the acquisition, the chief financial officer now owns 40,000 shares of the company's stock, valued at approximately $234,400. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $5.76 per share, with a total value of $288,000.00. Following the transaction, the chief executive officer now directly owns 730,753 shares in the company, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 75,000 shares of company stock worth $434,350. 10.50% of the stock is currently owned by corporate insiders.
Ivanhoe Electric Price Performance
IE stock traded down $0.31 during midday trading on Thursday, reaching $6.11. 207,593 shares of the company's stock traded hands, compared to its average volume of 749,646. The company has a 50-day simple moving average of $5.96 and a two-hundred day simple moving average of $7.73. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. Ivanhoe Electric Inc. has a 1-year low of $4.50 and a 1-year high of $12.98. The company has a market cap of $737.90 million, a price-to-earnings ratio of -3.84 and a beta of 0.74.
Ivanhoe Electric Company Profile
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Free Report)
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.
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