Ivanhoe Mines (TSE:IVN) Raised to “Overweight” at Morgan Stanley

Ivanhoe Mines (TSE:IVN) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has a C$13.20 target price on the stock, up from their prior target price of C$12.00. Morgan Stanley’s target price would suggest a potential upside of 30.31% from the stock’s current price.

A number of other research analysts also recently issued reports on IVN. Scotiabank upped their target price on shares of Ivanhoe Mines from C$13.00 to C$13.50 and gave the company a “sector perform” rating in a research report on Monday, June 15th. Raymond James Financial lowered shares of Ivanhoe Mines from a “moderate buy” rating to a “hold” rating and cut their price objective for the company from C$23.00 to C$17.00 in a report on Wednesday, April 1st. TD Securities reduced their price objective on shares of Ivanhoe Mines from C$19.00 to C$13.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. BMO Capital Markets dropped their target price on shares of Ivanhoe Mines from C$23.00 to C$16.00 in a research report on Wednesday, April 1st. Finally, Canaccord Genuity Group reduced their price target on Ivanhoe Mines from C$15.00 to C$11.50 and set a “hold” rating on the stock in a research report on Monday, April 6th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of C$14.24.

Ivanhoe Mines Trading Up 0.9%

Shares of IVN traded up C$0.09 during trading hours on Wednesday, hitting C$10.13. 2,686,345 shares of the stock traded hands, compared to its average volume of 4,568,153. The company has a current ratio of 2.33, a quick ratio of 20.86 and a debt-to-equity ratio of 21.02. Ivanhoe Mines has a 1-year low of C$9.77 and a 1-year high of C$20.34. The firm has a market capitalization of C$14.45 billion, a PE ratio of 112.56 and a beta of 1.58. The business has a fifty day moving average of C$11.56 and a 200-day moving average of C$13.47.

Insider Activity

In other Ivanhoe Mines news, Director Setha Patricia Makhesha sold 5,200 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of C$11.45, for a total value of C$59,540.00. Following the completion of the sale, the director directly owned 77,922 shares in the company, valued at C$892,206.90. This represents a 6.26% decrease in their ownership of the stock. Insiders sold 10,000 shares of company stock valued at $114,554 in the last ninety days. 44.96% of the stock is owned by corporate 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.