Analysts Set IAMGOLD Co. (NYSE:IAG) Target Price at $6.68

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) has received an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $6.68.

Several analysts have issued reports on IAG shares. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and raised their price target for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a report on Tuesday, October 22nd. Scotiabank lifted their target price on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a report on Monday, August 19th. Finally, Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IAG. ORG Partners LLC acquired a new stake in IAMGOLD during the third quarter worth approximately $29,000. Eastern Bank acquired a new stake in shares of IAMGOLD during the 3rd quarter worth $30,000. TIAA Trust National Association bought a new position in shares of IAMGOLD in the second quarter worth $38,000. Cetera Advisors LLC acquired a new position in IAMGOLD in the first quarter valued at about $50,000. Finally, WINTON GROUP Ltd bought a new stake in IAMGOLD during the second quarter worth about $52,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

IAMGOLD Stock Down 3.7 %

Shares of IAG stock opened at $5.03 on Wednesday. IAMGOLD has a 52-week low of $2.11 and a 52-week high of $6.37. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 3.93 and a beta of 1.57. The firm’s 50-day moving average is $5.28 and its 200-day moving average is $4.53. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34.

About IAMGOLD

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.