The Manufacturers Life Insurance Company Buys Shares of 78,126 Ivanhoe Electric Inc. $IE

The Manufacturers Life Insurance Company purchased a new stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 78,126 shares of the company’s stock, valued at approximately $751,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Algert Global LLC grew its holdings in shares of Ivanhoe Electric by 4.7% in the second quarter. Algert Global LLC now owns 485,543 shares of the company’s stock worth $4,666,000 after acquiring an additional 21,940 shares during the period. PEAK6 LLC bought a new position in Ivanhoe Electric in the second quarter valued at about $631,000. MFN Partners Management LP purchased a new position in Ivanhoe Electric in the second quarter worth about $24,536,166. BlackRock Inc. bought a new stake in shares of Ivanhoe Electric during the 2nd quarter valued at about $146,309,000. Finally, Deutsche Bank AG bought a new stake in shares of Ivanhoe Electric during the 2nd quarter valued at about $1,249,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Price Performance

Shares of IE stock opened at $9.99 on Friday. Ivanhoe Electric Inc. has a one year low of $7.86 and a one year high of $21.55. The company’s fifty day moving average price is $9.89 and its 200-day moving average price is $11.93. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -12.65 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its earnings results on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. Equities research analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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 research note on Thursday, July 9th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ivanhoe Electric currently has an average rating of “Buy” and a consensus price target of $17.83.

Ivanhoe Electric 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.