Iluka Resources (OTCMKTS:ILKAY) Trading 9.4% Higher – Still a Buy?

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ILKAY shares. Canaccord Genuity Group upgraded Iluka Resources from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 24th. Zacks Research raised shares of Iluka Resources to a “hold” rating in a research note on Wednesday, April 15th. Finally, Citigroup cut shares of Iluka Resources from a “buy” rating to a “hold” rating in a report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Iluka Resources Stock Performance

The company’s fifty day moving average is $24.76 and its 200-day moving average 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.