The Manufacturers Life Insurance Company Has $942,000 Position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

The Manufacturers Life Insurance Company lowered its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 124,834 shares of the company’s stock after selling 3,531 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Ivanhoe Electric were worth $942,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $80,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $103,000. Dimensional Fund Advisors LP acquired a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $146,000. Arizona State Retirement System acquired a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $171,000. Finally, Bank of Montreal Can increased its holdings in shares of Ivanhoe Electric by 22.4% in the fourth quarter. Bank of Montreal Can now owns 33,743 shares of the company’s stock valued at $255,000 after purchasing an additional 6,177 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Insider Buying and Selling at Ivanhoe Electric

In other news, VP Graham Richard Thomas Boyd purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $5.83 per share, with a total value of $29,150.00. Following the acquisition, the vice president now directly owns 11,510 shares of the company’s stock, valued at approximately $67,103.30. This represents a 76.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph Taylor Melvin purchased 50,000 shares of the firm’s stock in a transaction dated 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 acquisition, the chief executive officer now directly owns 730,753 shares in the company, valued at $4,209,137.28. This trade represents a 7.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 75,000 shares of company stock valued at $434,350. 10.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on IE shares. Raymond James set a $15.00 price target on shares of Ivanhoe Electric and gave the company an “outperform” rating in a report on Friday, April 4th. JPMorgan Chase & Co. reduced their price objective on shares of Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. One 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.88.

Ivanhoe Electric Price Performance

Shares of IE stock opened at $6.80 on Thursday. Ivanhoe Electric Inc. has a 52-week low of $4.50 and a 52-week high of $12.98. The stock has a market cap of $821.24 million, a PE ratio of -4.28 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. The firm’s 50 day moving average price is $6.09 and its two-hundred day moving average price is $7.50.

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.