Iamgold (NYSE:IAG) Price Target Raised to $21.00

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective upped by Raymond James Financial from $20.00 to $21.00 in a research note issued to investors on Friday morning,BayStreet reports. The firm currently has a market perform rating on the mining company’s stock.

Several other equities analysts have also recently commented on the company. Royal Bank Of Canada reduced their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Scotiabank raised their price target on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a report on Wednesday, August 12th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Jefferies Financial Group initiated coverage on Iamgold in a report on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective for the company. Finally, Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Iamgold Stock Down 0.1%

Shares of NYSE:IAG opened at $20.46 on Friday. The firm has a fifty day moving average price of $17.10 and a two-hundred day moving average price of $18.04. The company has a market cap of $11.69 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 1.09 and a beta of 1.40. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. Iamgold has a one year low of $9.55 and a one year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The firm had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Analysts anticipate that Iamgold will post 1.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of large investors have recently modified their holdings of the company. Banque Transatlantique SA purchased a new stake in Iamgold in the second quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Iamgold during the second quarter worth approximately $28,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold during the fourth quarter worth approximately $33,000. Western Wealth Management LLC purchased a new position in shares of Iamgold during the first quarter worth approximately $43,000. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of Iamgold by 617.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock worth $49,000 after acquiring an additional 2,570 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.