Royal Bank of Canada Cuts Ivanhoe Mines (TSE:IVN) Price Target to C$24.00

Ivanhoe Mines (TSE:IVN) had its target price decreased by Royal Bank of Canada from C$25.00 to C$24.00 in a report issued on Tuesday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other equities research analysts also recently commented on the company. Raymond James raised their target price on Ivanhoe Mines from C$21.00 to C$24.00 and gave the company an outperform rating in a report on Thursday, May 23rd. Jefferies Financial Group lifted their price objective on shares of Ivanhoe Mines from C$25.00 to C$26.00 in a research note on Friday, July 12th. Canaccord Genuity Group upped their target price on shares of Ivanhoe Mines from C$24.00 to C$25.00 in a research note on Monday, July 22nd. Citigroup lifted their price target on shares of Ivanhoe Mines from C$15.00 to C$24.00 and gave the stock a buy rating in a research note on Thursday, June 20th. Finally, Scotiabank lowered their target price on Ivanhoe Mines from C$23.00 to C$21.00 in a research note on Monday, August 19th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and an average price target of C$24.20.

Ivanhoe Mines Price Performance

Ivanhoe Mines stock opened at C$17.39 on Tuesday. The firm has a fifty day moving average of C$17.55 and a 200-day moving average of C$17.67. Ivanhoe Mines has a 52-week low of C$9.89 and a 52-week high of C$21.32. The company has a quick ratio of 20.86, a current ratio of 1.17 and a debt-to-equity ratio of 4.24. The firm has a market capitalization of C$23.48 billion, a P/E ratio of 108.69 and a beta of 1.93.

Ivanhoe Mines (TSE:IVN) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.07 by C$0.01. As a group, analysts predict that Ivanhoe Mines will post 1.034134 EPS for the current year.

Insider Activity

In other Ivanhoe Mines news, insider CITIC Metal Africa Investments Limited sold 11,810,800 shares of the company’s stock in a transaction that occurred on 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. In other news, Senior Officer Mary Vincelli sold 3,600 shares of Ivanhoe Mines stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of C$17.96, for a total value of C$64,639.80. Also, insider CITIC Metal Africa Investments Limited sold 11,810,800 shares of the 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. 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 currently owned by corporate insiders.

Ivanhoe Mines Company Profile

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.