Primecap Management Co. CA Lowers Holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Primecap Management Co. CA trimmed its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 8.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 391,800 shares of the company’s stock after selling 34,000 shares during the period. Primecap Management Co. CA owned about 0.33% of Ivanhoe Electric worth $2,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Avior Wealth Management LLC purchased a new stake in shares of Ivanhoe Electric during the 3rd quarter worth about $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in Ivanhoe Electric in the fourth quarter valued at approximately $80,000. Intech Investment Management LLC acquired a new stake in Ivanhoe Electric in the third quarter valued at approximately $162,000. Arizona State Retirement System purchased a new stake in Ivanhoe Electric in the 4th quarter worth $171,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Ivanhoe Electric by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after purchasing an additional 1,643 shares in the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IE has been the subject of several research reports. Jefferies Financial Group dropped their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. reduced their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, Scotiabank lowered their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $6.27 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The firm has a market cap of $757.23 million, a price-to-earnings ratio of -3.94 and a beta of 0.74. The business has a 50 day moving average of $6.40. Ivanhoe Electric Inc. has a one year low of $5.34 and a one year high of $12.98.

Insider Buying and Selling

In related news, CFO Jordan Neeser acquired 20,000 shares of Ivanhoe Electric stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the purchase, the chief financial officer now owns 40,000 shares in the company, valued at approximately $234,400. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $5.83 per share, with a total value of $29,150.00. Following the completion of the purchase, the vice president now directly owns 11,510 shares in the company, valued at $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 75,000 shares of company stock valued at $434,350. Corporate insiders own 10.50% of the company’s stock.

About Ivanhoe Electric

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.