Citigroup Boosts Ivanhoe Mines (TSE:IVN) Price Target to C$24.00

Ivanhoe Mines (TSE:IVN) had its price target raised by stock analysts at Citigroup from C$15.00 to C$24.00 in a research note issued on Thursday, BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 39.21% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Raymond James increased their target price on shares of Ivanhoe Mines from C$21.00 to C$24.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Eight Capital increased their target price on shares of Ivanhoe Mines from C$19.00 to C$30.00 in a research report on Monday, April 22nd. Canaccord Genuity Group increased their target price on shares of Ivanhoe Mines from C$22.00 to C$24.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Jefferies Financial Group set a C$25.00 price target on Ivanhoe Mines and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, BMO Capital Markets upped their price target on Ivanhoe Mines from C$18.00 to C$22.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ivanhoe Mines currently has a consensus rating of “Buy” and an average target price of C$23.25.

Ivanhoe Mines Trading Down 4.1 %

TSE IVN opened at C$17.24 on Thursday. Ivanhoe Mines has a 12 month low of C$9.89 and a 12 month high of C$21.32. The company has a 50-day moving average of C$19.09 and a 200-day moving average of C$16.00. The company has a debt-to-equity ratio of 18.77, a current ratio of 0.42 and a quick ratio of 20.86. The company has a market cap of C$21.89 billion, a P/E ratio of 90.74 and a beta of 1.98.

Ivanhoe Mines (TSE:IVN) last posted its earnings results on Tuesday, April 30th. The company reported C($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C($0.01) by C($0.06). As a group, equities analysts predict that Ivanhoe Mines will post 0.4653228 earnings per share for the current year.

Insiders Place Their Bets

In other Ivanhoe Mines news, insider CITIC Metal Africa Investments Limited sold 248,314 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of C$17.32, for a total value of C$4,300,723.99. In other news, insider CITIC Metal Africa Investments Limited sold 248,314 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of C$17.32, for a total transaction of C$4,300,723.99. Also, Director Delphine Traoré purchased 5,704 shares of the stock in a transaction dated Monday, June 17th. The shares were acquired at an average cost of C$17.40 per share, for a total transaction of C$99,249.60. Insiders have sold 12,060,014 shares of company stock valued at $209,942,666 over the last three months. Company insiders own 50.86% of the company’s stock.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.