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

Ivanhoe Mines (TSE:IVN) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has a C$13.20 price objective on the stock, up from their previous price objective of C$12.00. Morgan Stanley’s price objective would suggest a potential upside of 30.31% from the company’s current price.

IVN has been the topic of a number of other research reports. Canaccord Genuity Group lowered their target price on shares of Ivanhoe Mines from C$15.00 to C$11.50 and set a “hold” rating on the stock in a research note on Monday, April 6th. BMO Capital Markets lowered their price objective on Ivanhoe Mines from C$23.00 to C$16.00 in a research note on Wednesday, April 1st. Citigroup cut their target price on Ivanhoe Mines from C$18.00 to C$13.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Raymond James Financial cut Ivanhoe Mines from a “moderate buy” rating to a “hold” rating and lowered their price target for the company from C$23.00 to C$17.00 in a research report on Wednesday, April 1st. Finally, Stifel Nicolaus dropped their price objective on Ivanhoe Mines from C$22.00 to C$15.00 in a research note on Wednesday, April 1st. Four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$14.24.

Ivanhoe Mines Stock Performance

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

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 shares were sold at an average price of C$11.45, for a total transaction of C$59,540.00. Following the sale, the director owned 77,922 shares of the company’s stock, valued at C$892,206.90. This represents a 6.26% decrease in their position. Insiders sold 10,000 shares of company stock valued at $114,554 over the last three months. 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.