MFN Partners Management LP Purchases Shares of 2,553,191 Ivanhoe Electric Inc. $IE

MFN Partners Management LP acquired a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the 2nd quarter, HoldingsChannel reports. The fund acquired 2,553,191 shares of the company’s stock, valued at approximately $24,536,166,000. Ivanhoe Electric makes up 0.5% of MFN Partners Management LP’s investment portfolio, making the stock its 8th largest position.

Other hedge funds have also made changes to their positions in the company. KBC Group NV acquired a new position in shares of Ivanhoe Electric during the 1st quarter valued at $28,000. Tower Research Capital LLC TRC increased its holdings in Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after purchasing an additional 3,713 shares in the last quarter. Summit Securities Group LLC raised its position in Ivanhoe Electric by 146.5% in the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after purchasing an additional 18,900 shares during the period. BNP Paribas Financial Markets raised its position in Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock valued at $73,000 after purchasing an additional 2,449 shares during the period. Finally, Fifth Third Bancorp purchased a new position in Ivanhoe Electric in the first quarter valued at about $81,000. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

IE stock opened at $11.27 on Friday. Ivanhoe Electric Inc. has a 1 year low of $7.86 and a 1 year high of $21.55. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -14.27 and a beta of 1.24. The stock’s fifty day moving average is $9.84 and its two-hundred day moving average is $12.40.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.28. The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. As a group, analysts predict that Ivanhoe Electric Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lowered their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $17.83.

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.