Vestcor Inc Cuts Position in Ivanhoe Electric Inc. $IE

Vestcor Inc cut its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 10.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 494,381 shares of the company’s stock after selling 56,800 shares during the period. Vestcor Inc’s holdings in Ivanhoe Electric were worth $7,900,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Ivanhoe Electric by 24.4% in the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after acquiring an additional 1,290,175 shares in the last quarter. Primecap Management Co. CA grew its position in Ivanhoe Electric by 79.6% in the third quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock worth $35,495,000 after acquiring an additional 1,253,400 shares in the last quarter. Geode Capital Management LLC grew its position in Ivanhoe Electric by 17.5% in the fourth quarter. Geode Capital Management LLC now owns 2,477,773 shares of the company’s stock worth $39,602,000 after acquiring an additional 368,325 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Ivanhoe Electric by 13.6% in the third quarter. Alyeska Investment Group L.P. now owns 2,100,686 shares of the company’s stock worth $26,364,000 after acquiring an additional 251,361 shares in the last quarter. Finally, Legal & General Group Plc grew its position in Ivanhoe Electric by 0.5% in the third quarter. Legal & General Group Plc now owns 1,769,158 shares of the company’s stock worth $22,203,000 after acquiring an additional 9,247 shares in the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Down 14.6%

NYSEAMERICAN IE opened at $11.49 on Friday. The company has a 50-day simple moving average of $13.16 and a two-hundred day simple moving average of $14.66. Ivanhoe Electric Inc. has a 12-month low of $7.72 and a 12-month high of $21.55. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -14.19 and a beta of 1.15.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price target on shares of Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $17.88.

Ivanhoe Electric Company 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.