Primecap Management Co. CA Purchases 1,253,400 Shares of Ivanhoe Electric Inc. $IE

Primecap Management Co. CA raised its position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 79.6% during the third quarter, HoldingsChannel.com reports. The firm owned 2,828,284 shares of the company’s stock after purchasing an additional 1,253,400 shares during the period. Primecap Management Co. CA’s holdings in Ivanhoe Electric were worth $35,495,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Beirne Wealth Consulting Services LLC purchased a new position in shares of Ivanhoe Electric during the third quarter valued at approximately $157,000. Vanguard Group Inc. lifted its stake in shares of Ivanhoe Electric by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,289,271 shares of the company’s stock worth $66,380,000 after acquiring an additional 80,693 shares during the last quarter. Alps Advisors Inc. boosted its holdings in Ivanhoe Electric by 40.3% during the 3rd quarter. Alps Advisors Inc. now owns 158,410 shares of the company’s stock valued at $1,988,000 after acquiring an additional 45,502 shares during the period. Olympiad Research LP purchased a new position in Ivanhoe Electric during the 3rd quarter valued at $356,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in Ivanhoe Electric by 3.3% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 117,712 shares of the company’s stock valued at $1,477,000 after acquiring an additional 3,712 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Insider Buying and Selling at Ivanhoe Electric

In other news, insider Quentin Markin sold 90,000 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $16.34, for a total transaction of $1,470,600.00. Following the transaction, the insider owned 728,493 shares of the company’s stock, valued at approximately $11,903,575.62. This represents a 11.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.06% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their target price on Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $18.13.

Ivanhoe Electric Stock Up 1.8%

Shares of NYSEAMERICAN:IE opened at $16.70 on Friday. The business’s 50 day moving average is $17.12 and its 200 day moving average is $13.94. The stock has a market cap of $2.63 billion, a P/E ratio of -21.14 and a beta of 0.98. Ivanhoe Electric Inc. has a 52-week low of $4.50 and a 52-week high of $21.55.

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.