Scotiabank Forecasts Strong Price Appreciation for Ivanhoe Mines (TSE:IVN) Stock

Ivanhoe Mines (TSE:IVN) had its price target raised by equities research analysts at Scotiabank from C$18.50 to C$20.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 23.23% from the stock’s previous close.

IVN has been the topic of a number of other research reports. Canaccord Genuity Group increased their target price on Ivanhoe Mines from C$14.00 to C$16.50 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Stifel Nicolaus increased their price objective on shares of Ivanhoe Mines from C$16.00 to C$18.00 in a report on Tuesday, October 21st. TD Securities lifted their target price on shares of Ivanhoe Mines from C$13.00 to C$16.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Jefferies Financial Group cut shares of Ivanhoe Mines from a “buy” rating to a “hold” rating and cut their target price for the stock from C$18.00 to C$16.00 in a research note on Monday, December 8th. Finally, Citigroup raised their price target on shares of Ivanhoe Mines from C$14.00 to C$18.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Ivanhoe Mines currently has an average rating of “Buy” and an average price target of C$17.55.

Ivanhoe Mines Trading Up 2.1%

IVN stock opened at C$16.23 on Thursday. Ivanhoe Mines has a 52-week low of C$8.76 and a 52-week high of C$17.47. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The firm has a market cap of C$23.04 billion, a P/E ratio of 73.77 and a beta of 1.96. The company’s 50-day simple moving average is C$14.21 and its 200-day simple moving average is C$13.08.

Ivanhoe Mines (TSE:IVN) last released its quarterly earnings results on Wednesday, October 29th. The company reported C$0.02 earnings per share for the quarter. The business had revenue of C$180.18 million during the quarter. As a group, equities analysts forecast that Ivanhoe Mines will post 1.0136483 EPS for the current fiscal year.

Insider Activity

In other Ivanhoe Mines news, insider Citic Metal Africa Investments Limited sold 350,000 shares of the stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of C$15.71, for a total value of C$5,498,500.00. Also, insider Mark Sean Farren sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of C$13.40, for a total transaction of C$804,000.00. Following the completion of the transaction, the insider directly owned 174,923 shares in the company, valued at C$2,343,968.20. This trade represents a 25.54% decrease in their ownership of the stock. Over the last three months, insiders sold 550,290 shares of company stock worth $8,186,323. Insiders own 44.96% of the company’s stock.

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.