Franklin Resources Inc. Sells 94,964 Shares of Ivanhoe Electric Inc. $IE

Franklin Resources Inc. decreased its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 12.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 671,467 shares of the company’s stock after selling 94,964 shares during the period. Franklin Resources Inc.’s holdings in Ivanhoe Electric were worth $6,090,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Ivanhoe Electric by 41.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company’s stock valued at $39,692,000 after acquiring an additional 1,988,562 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Ivanhoe Electric by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company’s stock valued at $29,851,000 after purchasing an additional 496,058 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Ivanhoe Electric by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,077,062 shares of the company’s stock valued at $18,841,000 after purchasing an additional 125,111 shares during the last quarter. Legal & General Group Plc increased its position in shares of Ivanhoe Electric by 44.5% during the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company’s stock worth $15,962,000 after buying an additional 541,719 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in Ivanhoe Electric by 229.9% in the second quarter. Primecap Management Co. CA now owns 1,574,884 shares of the company’s stock valued at $14,284,000 after buying an additional 1,097,484 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Stock Up 10.4%

Shares of NYSEAMERICAN:IE opened at $14.31 on Monday. The business’s 50 day simple moving average is $13.44 and its two-hundred day simple moving average is $10.59. The firm has a market cap of $2.07 billion, a P/E ratio of -34.90 and a beta of 1.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.41 and a current ratio of 1.41. Ivanhoe Electric Inc. has a 52-week low of $4.50 and a 52-week high of $17.90.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a report on Tuesday, October 28th. Cantor Fitzgerald started coverage on Ivanhoe Electric in a research note on Thursday, August 21st. They set an “overweight” rating and a $17.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Raymond James Financial increased their price target on Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Finally, National Bankshares began coverage on shares of Ivanhoe Electric in a research note on Wednesday, September 3rd. They issued an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Ivanhoe Electric has a consensus rating of “Buy” and an average target price of $15.70.

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.