The Manufacturers Life Insurance Company Has $1.19 Million Holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

The Manufacturers Life Insurance Company trimmed its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 1.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 127,200 shares of the company’s stock after selling 1,785 shares during the period. The Manufacturers Life Insurance Company’s holdings in Ivanhoe Electric were worth $1,193,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Tidal Investments LLC boosted its holdings in shares of Ivanhoe Electric by 432.6% during the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock worth $2,948,000 after acquiring an additional 244,341 shares during the period. Goehring & Rozencwajg Associates LLC increased its position in Ivanhoe Electric by 13.9% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after buying an additional 199,400 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Ivanhoe Electric by 51.2% during the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock worth $2,746,000 after buying an additional 99,106 shares in the last quarter. Anson Funds Management LP acquired a new position in shares of Ivanhoe Electric in the first quarter valued at about $598,000. Finally, Vanguard Group Inc. increased its position in Ivanhoe Electric by 6.7% during the first quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock worth $6,689,000 after acquiring an additional 42,843 shares during the period. 79.05% of the stock is currently owned by institutional investors.

Ivanhoe Electric Stock Up 4.5 %

Shares of NYSEAMERICAN IE opened at $8.88 on Friday. The company has a quick ratio of 3.52, a current ratio of 3.66 and a debt-to-equity ratio of 0.22. Ivanhoe Electric Inc. has a fifty-two week low of $6.31 and a fifty-two week high of $12.98. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -8.46 and a beta of 0.82.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Ivanhoe Electric had a negative return on equity of 32.81% and a negative net margin of 4,142.17%. The business had revenue of $0.54 million for the quarter, compared to analyst estimates of $1.00 million. As a group, equities analysts anticipate that Ivanhoe Electric Inc. will post -1.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Scotiabank decreased their target price on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

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.