Ivanhoe Mines (TSE:IVN) Given New C$16.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets cut its price target on Ivanhoe Mines to C$16.00 (from C$23.00), a level BMO said implies roughly a 50.8% upside from the stock's prior close.
• Several other brokers also downgraded the stock and lowered targets; the consensus remains a "Moderate Buy" with an average price target of C$15.45.
• Shares plunged about 10.8% to C$10.61 on heavy volume; the company has a market cap of C$15.13B, insiders sold shares recently and currently own about 44.96% of the stock.

Ivanhoe Mines (TSE:IVN - Get Free Report) had its price objective lowered by analysts at BMO Capital Markets from C$23.00 to C$16.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. BMO Capital Markets' price objective would indicate a potential upside of 50.80% from the stock's previous close.

Other analysts have also issued research reports about the stock. Jefferies Financial Group lowered shares of Ivanhoe Mines from a "buy" rating to a "hold" rating and lowered their target price for the company from C$18.00 to C$16.00 in a research note on Monday, December 8th. Canaccord Genuity Group cut Ivanhoe Mines from a "buy" rating to a "hold" rating and cut their target price for the company from C$18.00 to C$15.00 in a research note on Friday, February 20th. Raymond James Financial downgraded shares of Ivanhoe Mines from an "outperform" rating to a "market perform" rating and cut their price objective for the company from C$23.00 to C$17.00 in a research report on Wednesday. Scotiabank cut shares of Ivanhoe Mines from an "outperform" rating to a "sector perform" rating and decreased their target price for the stock from C$19.00 to C$14.50 in a research report on Wednesday. Finally, Stifel Nicolaus cut their price target on Ivanhoe Mines from C$22.00 to C$15.00 in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$15.45.

Ivanhoe Mines Trading Down 10.8%

Shares of TSE IVN traded down C$1.28 during midday trading on Wednesday, hitting C$10.61. The stock had a trading volume of 9,405,891 shares, compared to its average volume of 4,687,871. The company has a fifty day moving average price of C$14.91 and a 200 day moving average price of C$14.63. The company has a market capitalization of C$15.13 billion, a price-to-earnings ratio of 55.84 and a beta of 1.40. Ivanhoe Mines has a 1-year low of C$8.76 and a 1-year high of C$20.34. The company has a quick ratio of 20.86, a current ratio of 2.23 and a debt-to-equity ratio of 21.62.

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

Insider Activity at Ivanhoe Mines

In other news, Director Peter Meredith sold 13,459 shares of the firm's stock in a transaction 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 transaction, the director directly owned 841,256 shares of the company's stock, valued at approximately C$13,821,836.08. This trade represents a 1.57% decrease in their ownership of the stock. Insiders sold 16,559 shares of company stock worth $272,125 over the last quarter. 44.96% of the stock is currently owned by company insiders.

About Ivanhoe Mines

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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