Bank of New York Mellon Corp Acquires 99,106 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Bank of New York Mellon Corp boosted its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 51.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 292,746 shares of the company’s stock after acquiring an additional 99,106 shares during the quarter. Bank of New York Mellon Corp owned 0.24% of Ivanhoe Electric worth $2,746,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in IE. MQS Management LLC purchased a new stake in Ivanhoe Electric in the 1st quarter valued at about $100,000. ProShare Advisors LLC increased its stake in Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after buying an additional 1,043 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in Ivanhoe Electric in the 4th quarter valued at about $151,000. Sei Investments Co. increased its stake in Ivanhoe Electric by 11.5% in the 1st quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock valued at $440,000 after buying an additional 4,610 shares during the last quarter. Finally, GeoSphere Capital Management LLC purchased a new stake in Ivanhoe Electric in the 4th quarter valued at about $504,000. Institutional investors own 79.05% of the company’s stock.

Analysts Set New Price Targets

Separately, Scotiabank decreased their price objective on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $7.75 on Monday. 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 12-month low of $6.31 and a 12-month high of $13.95. The company has a market cap of $933.10 million, a PE ratio of -7.24 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $0.54 million for the quarter, compared to analysts’ expectations of $1.00 million. On average, sell-side analysts forecast that Ivanhoe Electric Inc. will post -1.32 EPS for the current year.

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.