CIBC Increases IAMGOLD (NYSE:IAG) Price Target to $8.40

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price target raised by equities researchers at CIBC from $7.60 to $8.40 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperformer” rating on the mining company’s stock. CIBC’s price target would indicate a potential upside of 36.03% from the company’s current price.

A number of other equities analysts have also recently commented on the company. StockNews.com cut IAMGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Raymond James raised IAMGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.90.

IAMGOLD Price Performance

IAG stock traded up $0.06 during mid-day trading on Thursday, hitting $6.18. 5,434,786 shares of the stock were exchanged, compared to its average volume of 9,491,390. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 4.26 and a beta of 1.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. IAMGOLD has a 12 month low of $2.90 and a 12 month high of $6.69. The business has a fifty day moving average price of $5.91 and a 200 day moving average price of $5.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Thursday, February 20th. The mining company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). The firm had revenue of $469.90 million for the quarter, compared to analysts’ expectations of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. On average, sell-side analysts anticipate that IAMGOLD will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Tobam purchased a new position in shares of IAMGOLD in the fourth quarter worth $25,000. Blue Trust Inc. lifted its stake in shares of IAMGOLD by 157.1% in the 4th quarter. Blue Trust Inc. now owns 9,018 shares of the mining company’s stock worth $47,000 after purchasing an additional 5,511 shares during the period. Raab & Moskowitz Asset Management LLC purchased a new position in shares of IAMGOLD in the fourth quarter worth approximately $56,000. Atria Wealth Solutions Inc. purchased a new position in shares of IAMGOLD in the fourth quarter worth approximately $68,000. Finally, Choreo LLC purchased a new position in shares of IAMGOLD in the fourth quarter worth approximately $88,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.