Attention Iluka Resources Limited (ASX: ILU) shareholders look away now…
Source: CMC Markets.
Down 8% today, investors were merciless in selling-down the mineral sands producer on the back of the release of its quarterly production report earlier in the day. This comes despite the broader S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) climbing 0.6% higher.
Although no material changes in the average price of Iluka's products were experienced since the company last updated the market during its full-year results in February; in the three months to 31 March 2015 total mineral sands production fell 21%, pushing revenue down 11.9% year over year.
Is it time to buy Iluka shares?
Despite today's fall, Iluka shares have climbed 29% year-to-date. Over the next three years analysts are forecasting strong earnings and dividends per share growth for the $3.5 billion producer. With an average analyst price target of $9.11 on the stock, according to the Wall Street Journal, Iluka could be worthy of a spot on your watchlist.
However if you want an even better resources stock idea keep reading below…
