Corebridge Financial Inc. Lowers Stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Corebridge Financial Inc. cut its holdings in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 7.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 41,558 shares of the company’s stock after selling 3,137 shares during the period. Corebridge Financial Inc.’s holdings in Ivanhoe Electric were worth $314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock valued at $27,132,000 after purchasing an additional 1,558,467 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Ivanhoe Electric by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 708,406 shares of the company’s stock valued at $5,348,000 after buying an additional 5,535 shares in the last quarter. Tidal Investments LLC grew its stake in Ivanhoe Electric by 14.5% in the 3rd quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock valued at $3,098,000 after acquiring an additional 46,345 shares during the period. Euro Pacific Asset Management LLC increased its holdings in Ivanhoe Electric by 15.5% in the 4th quarter. Euro Pacific Asset Management LLC now owns 191,180 shares of the company’s stock worth $1,456,000 after acquiring an additional 25,708 shares in the last quarter. Finally, Swiss National Bank raised its position in Ivanhoe Electric by 8.4% during the fourth quarter. Swiss National Bank now owns 153,900 shares of the company’s stock worth $1,162,000 after acquiring an additional 11,900 shares during the period. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

NYSEAMERICAN:IE opened at $5.00 on Friday. Ivanhoe Electric Inc. has a twelve month low of $4.50 and a twelve month high of $12.98. The company has a market cap of $603.85 million, a P/E ratio of -3.14 and a beta of 0.74. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $5.98 and its 200-day moving average price is $7.78.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Jefferies Financial Group dropped their target price 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. Scotiabank lowered their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a report on Monday, January 6th. Raymond James set a $15.00 target price on Ivanhoe Electric and gave the company an “outperform” rating in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. lowered their price target on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ivanhoe Electric presently has an average rating of “Buy” and a consensus price target of $12.88.

Insiders Place Their Bets

In other news, CFO Jordan Neeser purchased 20,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $5.86 per share, with a total value of $117,200.00. Following the transaction, the chief financial officer now owns 40,000 shares in the company, valued at $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 at this hyperlink. Also, VP Graham Richard Thomas Boyd acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $5.83 per share, with a total value of $29,150.00. Following the completion of the transaction, the vice president now owns 11,510 shares of the company’s stock, valued at $67,103.30. The trade was a 76.80 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 75,000 shares of company stock valued at $434,350 in the last ninety days. 10.50% of the stock is currently owned by corporate insiders.

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.