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

Ivanhoe Mines (TSE:IVN) had its target price dropped by Royal Bank of Canada from C$25.00 to C$24.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 49.16% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on IVN. Citigroup raised their target price on Ivanhoe Mines from C$15.00 to C$24.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Scotiabank reduced their price objective on shares of Ivanhoe Mines from C$23.00 to C$21.00 in a report on Monday, August 19th. Raymond James boosted their price target 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. Jefferies Financial Group upped their price target on shares of Ivanhoe Mines from C$25.00 to C$26.00 in a research note on Friday, July 12th. Finally, Canaccord Genuity Group upped their target price on Ivanhoe Mines from C$24.00 to C$25.00 in a research report on Monday, July 22nd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, Ivanhoe Mines presently has an average rating of “Buy” and an average price target of C$24.20.

Ivanhoe Mines Stock Performance

Shares of IVN stock opened at C$16.09 on Tuesday. The company’s 50-day simple moving average is C$17.57 and its 200-day simple moving average is C$17.67. Ivanhoe Mines has a one year low of C$9.89 and a one year high of C$21.32. The stock has a market capitalization of C$21.72 billion, a price-to-earnings ratio of 100.56 and a beta of 1.93. The company has a debt-to-equity ratio of 4.24, a quick ratio of 20.86 and a current ratio of 1.17.

Ivanhoe Mines (TSE:IVN) last released its earnings results on Wednesday, July 31st. The company reported C$0.08 earnings per share for the quarter, beating the consensus estimate of C$0.07 by C$0.01. Equities analysts anticipate that Ivanhoe Mines will post 1.034134 earnings per share for the current fiscal year.

Insider Activity

In related news, Senior Officer Mary Vincelli sold 3,600 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of C$17.96, for a total value of C$64,639.80. In related news, insider CITIC Metal Africa Investments Limited sold 11,810,800 shares of Ivanhoe Mines stock in a transaction dated Monday, June 17th. The stock was sold at an average price of C$17.41, for a total transaction of C$205,626,028.00. Also, Senior Officer Mary Vincelli sold 3,600 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of C$17.96, for a total value of C$64,639.80. In the last 90 days, insiders have sold 11,816,100 shares of company stock worth $205,720,353. 45.03% of the stock is owned by corporate insiders.

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.