Principal Financial Group Inc. Makes New Investment in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Principal Financial Group Inc. purchased a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,292 shares of the company’s stock, valued at approximately $106,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Mak Capital One LLC boosted its holdings in shares of Ivanhoe Electric by 30.2% in the 4th quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock valued at $12,994,000 after buying an additional 299,018 shares during the last quarter. Tidal Investments LLC boosted its stake in Ivanhoe Electric by 432.6% in the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock valued at $2,948,000 after buying an additional 244,341 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 valued at $2,746,000 after purchasing an additional 99,106 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of Ivanhoe Electric during the first quarter valued at about $598,000. Finally, Goehring & Rozencwajg Associates LLC raised its position in shares of Ivanhoe Electric by 4.1% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock worth $13,722,000 after acquiring an additional 53,045 shares during the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

IE stock opened at $7.75 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66. Ivanhoe Electric Inc. has a 1-year low of $6.31 and a 1-year high of $13.95. The firm has a market capitalization of $933.10 million, a price-to-earnings ratio of -7.24 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share 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 during the quarter, compared to the consensus estimate of $1.00 million. On average, equities research analysts forecast that Ivanhoe Electric Inc. will post -1.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered their target price on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th.

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.