Ivanhoe Mines (TSE:IVN) Shares Down 10.3% – Here’s What Happened

Ivanhoe Mines Ltd. (TSE:IVN) traded down 10.3% during mid-day trading on Wednesday . The stock traded as low as C$10.26 and last traded at C$10.67. 2,741,730 shares were traded during mid-day trading, a decline of 40% from the average session volume of 4,548,217 shares. The stock had previously closed at C$11.89.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IVN. Scotiabank upped their price objective on shares of Ivanhoe Mines from C$18.50 to C$20.00 and gave the stock an “outperform” rating in a report on Thursday, January 8th. Canaccord Genuity Group cut shares of Ivanhoe Mines from a “buy” rating to a “hold” rating and reduced their price objective for the company from C$18.00 to C$15.00 in a report on Friday, February 20th. Stifel Nicolaus decreased their target price on shares of Ivanhoe Mines from C$28.00 to C$22.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group lowered shares of Ivanhoe Mines from a “buy” rating to a “hold” rating and lowered their target price for the stock from C$18.00 to C$16.00 in a report on Monday, December 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Ivanhoe Mines currently has a consensus rating of “Moderate Buy” and an average target price of C$17.80.

Ivanhoe Mines Price Performance

The firm has a market cap of C$15.44 billion, a P/E ratio of 57.00 and a beta of 1.40. The company has a fifty day moving average of C$14.91 and a 200-day moving average of C$14.63. The company has a debt-to-equity ratio of 21.62, a current ratio of 2.23 and a quick ratio of 20.86.

Ivanhoe Mines (TSE:IVN) last issued its quarterly earnings data on Wednesday, February 18th. The company reported C$0.06 earnings per share for the quarter. The business had revenue of C$183.99 million for the quarter. Ivanhoe Mines had a return on equity of 4.76% and a net margin of 59.26%. On average, sell-side analysts anticipate that Ivanhoe Mines Ltd. will post 1.0136483 EPS for the current fiscal year.

Insider Buying and Selling at Ivanhoe Mines

In related news, Director Peter Meredith sold 13,459 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of C$16.43, for a total transaction of C$221,131.37. Following the transaction, the director directly owned 841,256 shares in the company, valued at approximately C$13,821,836.08. The trade was a 1.57% decrease in their ownership of the stock. Insiders have sold 16,559 shares of company stock worth $272,125 over the last 90 days. 44.96% of the stock is owned by company insiders.

Ivanhoe Mines Company Profile

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.