Legal & General Group Plc Buys Shares of 1,872,464 Ivanhoe Electric Inc. $IE

Legal & General Group Plc purchased a new position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,872,464 shares of the company’s stock, valued at approximately $17,994,000.

A number of other institutional investors have also made changes to their positions in IE. KBC Group NV acquired a new stake in shares of Ivanhoe Electric during the first quarter worth $28,000. Summit Securities Group LLC lifted its stake in Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after acquiring an additional 18,900 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after acquiring an additional 3,713 shares in the last quarter. Fifth Third Bancorp acquired a new position in Ivanhoe Electric during the 1st quarter worth approximately $81,000. Finally, Comerica Bank boosted its position in Ivanhoe Electric by 352.3% during the 3rd quarter. Comerica Bank now owns 6,997 shares of the company’s stock worth $88,000 after acquiring an additional 5,450 shares during the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, Ivanhoe Electric currently has an average rating of “Buy” and an average target price of $17.83.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $11.19 on Monday. Ivanhoe Electric Inc. has a 52-week low of $7.86 and a 52-week high of $21.55. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -14.16 and a beta of 1.24. The firm’s 50-day moving average is $9.85 and its 200-day moving average is $12.13.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. The business had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. Sell-side analysts predict that Ivanhoe Electric Inc. will post -0.11 EPS for the current fiscal year.

About Ivanhoe Electric

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.