Ivanhoe Mines (TSE:IVN) Reaches New 1-Year High – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN) reached a new 52-week high during trading on Monday . The company traded as high as C$18.09 and last traded at C$18.07, with a volume of 2181078 shares trading hands. The stock had previously closed at C$16.96.

Analyst Upgrades and Downgrades

IVN has been the subject of several recent analyst reports. Jefferies Financial Group lowered shares of Ivanhoe Mines from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$18.00 to C$16.00 in a research note on Monday, December 8th. Stifel Nicolaus boosted their price target on shares of Ivanhoe Mines from C$16.00 to C$18.00 in a report on Tuesday, October 21st. Citigroup upped their price objective on shares of Ivanhoe Mines from C$14.00 to C$18.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Canaccord Genuity Group increased their price objective on shares of Ivanhoe Mines from C$14.00 to C$16.50 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Scotiabank boosted their target price on Ivanhoe Mines from C$18.50 to C$20.00 and gave the stock an “outperform” rating in a research note on Thursday, January 8th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$17.55.

Ivanhoe Mines Stock Performance

The company’s 50-day moving average is C$15.26 and its two-hundred day moving average is C$13.69. 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 company has a market cap of C$26.70 billion, a P/E ratio of 85.50 and a beta of 1.96.

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

Insider Activity at Ivanhoe Mines

In other news, insider Mark Sean Farren sold 60,000 shares of the company’s stock in a transaction 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 transaction, the insider owned 174,923 shares of the company’s stock, valued at C$2,343,968.20. This represents a 25.54% decrease in their position. Also, insider Citic Metal Africa Investments Limited sold 350,000 shares of the stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of C$15.71, for a total value of C$5,498,500.00. Over the last quarter, insiders have sold 566,849 shares of company stock worth $8,458,448. 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.