Primecap Management Co. CA Trims Stock Position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Primecap Management Co. CA trimmed its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 8.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 391,800 shares of the company’s stock after selling 34,000 shares during the period. Primecap Management Co. CA’s holdings in Ivanhoe Electric were worth $2,958,000 as of its most recent SEC filing.

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

Insider Activity

In other news, CFO Jordan Neeser purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $5.86 per share, for a total transaction of $117,200.00. Following the acquisition, the chief financial officer now directly owns 40,000 shares in the company, valued at approximately $234,400. The trade was a 100.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $5.76 per share, with a total value of $288,000.00. Following the completion of the purchase, the chief executive officer now directly owns 730,753 shares in the company, valued at $4,209,137.28. This represents a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 75,000 shares of company stock valued at $434,350 in the last three months. 10.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on IE shares. JPMorgan Chase & Co. lowered their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Jefferies Financial Group lowered their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Scotiabank decreased their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research report on Monday, January 6th.

Ivanhoe Electric Stock Up 1.1 %

Shares of NYSEAMERICAN:IE opened at $6.27 on Thursday. Ivanhoe Electric Inc. has a 52 week low of $5.34 and a 52 week high of $12.98. The firm has a 50-day moving average price of $6.40. The firm has a market capitalization of $757.23 million, a P/E ratio of -3.94 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Ivanhoe Electric Company Profile

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.