IAMGOLD (NYSE:IAG) Price Target Raised to $6.40

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective hoisted by CIBC from $5.40 to $6.40 in a report issued on Tuesday morning, Benzinga reports. CIBC currently has a neutral rating on the mining company’s stock.

Other equities research analysts have also recently issued reports about the stock. Scotiabank raised their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. StockNews.com upgraded shares of IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and lifted their target price for the company from $7.75 to $10.50 in a report on Tuesday. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $6.07.

IAMGOLD Trading Up 1.1 %

NYSE:IAG opened at $6.00 on Tuesday. The firm has a 50 day moving average of $5.19 and a 200 day moving average of $4.36. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. IAMGOLD has a 52 week low of $2.11 and a 52 week high of $6.37. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.41 and a beta of 1.59.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. The firm had revenue of $385.30 million during the quarter. During the same period in the previous year, the business earned ($0.01) EPS. As a group, sell-side analysts anticipate that IAMGOLD will post 0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

Hedge funds and other institutional investors have recently modified their holdings of the company. ORG Partners LLC purchased a new stake in IAMGOLD during the 3rd quarter worth approximately $29,000. Eastern Bank bought a new position in IAMGOLD in the 3rd quarter worth about $30,000. TIAA Trust National Association acquired a new position in IAMGOLD during the 2nd quarter worth $38,000. International Assets Investment Management LLC acquired a new stake in IAMGOLD in the third quarter worth about $700,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of IAMGOLD in the 2nd quarter worth approximately $52,000. 47.08% of the stock is owned by institutional investors and hedge funds.

IAMGOLD Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.