Arizona State Retirement System Invests $171,000 in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Arizona State Retirement System bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 22,711 shares of the company’s stock, valued at approximately $171,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ivanhoe Electric by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 708,406 shares of the company’s stock worth $5,348,000 after purchasing an additional 5,535 shares during the period. Rhumbline Advisers lifted its holdings in Ivanhoe Electric by 6.5% in the fourth quarter. Rhumbline Advisers now owns 106,923 shares of the company’s stock valued at $807,000 after acquiring an additional 6,505 shares during the period. Euro Pacific Asset Management LLC lifted its holdings in Ivanhoe Electric by 15.5% in the fourth quarter. Euro Pacific Asset Management LLC now owns 191,180 shares of the company’s stock valued at $1,456,000 after acquiring an additional 25,708 shares during the period. JPMorgan Chase & Co. lifted its holdings in Ivanhoe Electric by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after acquiring an additional 1,643 shares during the period. Finally, Tidal Investments LLC lifted its holdings in Ivanhoe Electric by 14.5% in the third 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. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Price Performance

Shares of IE stock opened at $6.05 on Monday. 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 firm has a market cap of $730.66 million, a P/E ratio of -3.81 and a beta of 0.74. The stock’s 50 day simple moving average is $6.49. Ivanhoe Electric Inc. has a 1-year low of $5.34 and a 1-year high of $12.98.

Wall Street Analysts Forecast Growth

IE has been the subject of a number of analyst reports. Scotiabank decreased their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a report on Monday, January 6th. Jefferies Financial Group decreased their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th.

Insider Transactions at Ivanhoe Electric

In other news, CEO Joseph Taylor Melvin purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now owns 730,753 shares of the company’s stock, valued at $4,209,137.28. This trade represents a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of the company’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 directly owns 11,510 shares of the company’s stock, valued at $67,103.30. This represents a 76.80 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 75,000 shares of company stock valued at $434,350 in the last three months. 10.50% of the stock is currently owned by company insiders.

Ivanhoe Electric 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.