Citigroup Lowers Ivanhoe Mines (TSE:IVN) Price Target to C$13.00

Key Points

• Citigroup cut its price target for Ivanhoe Mines to C$13.00 (from C$18.00) while retaining a "buy" rating, implying roughly an 18% upside from the prior close.
• Several other brokers have also trimmed ratings and targets, leaving a MarketBeat consensus of “Hold” with an average target price of C$14.60.
• Shares traded around C$11.00 (below the 50- and 200-day SMAs of C$14.08 and C$14.51), the company has a market cap of C$15.69B, and insiders own ~44.96% though recent insider selling was reported.

Ivanhoe Mines (TSE:IVN - Get Free Report) had its price target dropped by investment analysts at Citigroup from C$18.00 to C$13.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 18.18% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Raymond James Financial cut Ivanhoe Mines from a "moderate buy" rating to a "hold" rating and decreased their price objective for the company from C$23.00 to C$17.00 in a research note on Wednesday, April 1st. Royal Bank Of Canada cut Ivanhoe Mines from a "moderate buy" rating to a "hold" rating in a research note on Monday. BMO Capital Markets decreased their target price on Ivanhoe Mines from C$23.00 to C$16.00 in a research note on Wednesday, April 1st. Canaccord Genuity Group decreased their target price on Ivanhoe Mines from C$15.00 to C$11.50 and set a "hold" rating for the company in a research note on Monday. Finally, TD Securities decreased their target price on Ivanhoe Mines from C$19.00 to C$13.00 and set a "buy" rating for the company in a research note on Wednesday, April 1st. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Ivanhoe Mines presently has an average rating of "Hold" and an average target price of C$14.60.

Ivanhoe Mines Stock Up 0.4%

Shares of IVN traded up C$0.04 during midday trading on Thursday, hitting C$11.00. The company had a trading volume of 1,856,202 shares, compared to its average volume of 4,848,795. The company's 50-day simple moving average is C$14.08 and its 200-day simple moving average is C$14.51. The company has a debt-to-equity ratio of 21.62, a quick ratio of 20.86 and a current ratio of 2.23. The firm has a market capitalization of C$15.69 billion, a P/E ratio of 57.89 and a beta of 1.74. Ivanhoe Mines has a 1 year low of C$8.76 and a 1 year high of C$20.34.

Ivanhoe Mines (TSE:IVN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The company reported C$0.06 earnings per share (EPS) for the quarter. The business had revenue of C$183.99 million during the quarter. Ivanhoe Mines had a return on equity of 4.76% and a net margin of 59.26%. As a group, sell-side analysts expect that Ivanhoe Mines will post 1.0136483 EPS for the current year.

Insiders Place Their Bets

In related news, Director Peter Meredith sold 13,459 shares of the business's stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of C$16.43, for a total transaction of C$221,131.37. Following the completion of the sale, the director owned 841,256 shares in the company, valued at C$13,821,836.08. The trade was a 1.57% decrease in their ownership of the stock. Insiders sold a total of 16,559 shares of company stock worth $272,125 in the last three months. 44.96% of the stock is owned by insiders.

Ivanhoe Mines Company Profile

Ivanhoe Mines Ltd is a mineral exploration and development company. The company, together with its subsidiaries, explores, develops, and recovers minerals and precious gems from its property interests located in Africa. The group explores platinum, nickel, copper, gold, silver, cobalt, iron, vanadium, and chrome. It operates in four segments: Platreef property, Kamoa Holding joint venture, Kipushi properties, and the Company's treasury offices.

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