Iluka Resources (OTCMKTS:ILKAY) Stock Price Up 9.4% – Here’s Why

Iluka Resources Limited (OTCMKTS:ILKAY) shares shot up 9.4% during mid-day trading on Wednesday . The company traded as high as $22.56 and last traded at $22.09. Approximately 5,961 shares changed hands during trading, an increase of 112% from the average daily volume of 2,809 shares. The stock had previously closed at $20.20.

Analysts Set New Price Targets

A number of research firms have weighed in on ILKAY. Citigroup lowered Iluka Resources from a “buy” rating to a “hold” rating in a research note on Thursday, April 23rd. Zacks Research raised shares of Iluka Resources to a “hold” rating in a research note on Wednesday, April 15th. Finally, Canaccord Genuity Group raised shares of Iluka Resources from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Iluka Resources currently has an average rating of “Moderate Buy”.

Iluka Resources Stock Performance

The stock’s 50-day moving average price is $24.76 and its 200 day moving average price is $23.88.

About Iluka Resources

Iluka Resources is a leading global mineral sands company with operations spanning Australia, Sierra Leone and the United States. The company specializes in the exploration, mining and processing of zircon and titanium dioxide feedstocks, including ilmenite, rutile and synthetic rutile. Iluka’s products serve a broad range of end markets, notably ceramics, refractory, pigment and chemical applications, as well as emerging technology sectors requiring specialty minerals.

Headquartered in Perth, Western Australia, Iluka Resources operates a vertically integrated business model encompassing mine development, mineral separation and marketing to industrial customers worldwide.