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

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

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

Ivanhoe Mines Trading Up 8.1 %

Ivanhoe Mines stock opened at C$17.39 on Tuesday. 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 price-to-earnings ratio of 108.69 and a beta of 1.93. The firm has a 50-day moving average price of C$17.55 and a two-hundred day moving average price of C$17.67.

Ivanhoe Mines (TSE:IVN) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.07 by C$0.01. Sell-side analysts expect that Ivanhoe Mines will post 1.034134 earnings per share for the current year.

Insider Activity

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

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.