Citi upgrades Iluka Resources Limited (ILKAF) to a Buy
Citi analyst Paul McTaggart upgraded Iluka Resources Limited (ILKAF – Research Report) to a Buy today and set a price target of A$5.20. The company's shares closed yesterday at $2.56.
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McTaggart covers the Basic Materials sector, focusing on stocks such as Fortescue Metals Group Ltd, Rio Tinto Limited, and Iluka Resources Limited. According to TipRanks, McTaggart has an average return of 9.7% and a 55.87% success rate on recommended stocks.
In addition to Citi, Iluka Resources Limited also received a Buy from Ord Minnett's Matthew Hope in a report issued on May 8. However, on May 5, Morgan Stanley maintained a Hold rating on Iluka Resources Limited (Other OTC: ILKAF).
Based on Iluka Resources Limited's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $540.6 million and a net profit of $97.6 million. In comparison, last year the company earned a revenue of $545.6 million and had a net profit of $138.8 million
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ILKAF in relation to earlier this year.
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