Iamgold (NYSE:IAG) Price Target Raised to $23.00

Iamgold (NYSE:IAG) (TSE:IMG) had its target price increased by Royal Bank Of Canada from $20.00 to $23.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the mining company’s stock.

A number of other research firms also recently weighed in on IAG. Raymond James Financial upped their price target on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Scotiabank increased their target price on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Finally, Jefferies Financial Group began coverage on shares of Iamgold in a research report on Thursday, August 20th. They issued a “buy” rating and a $24.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Iamgold presently has an average rating of “Moderate Buy” and a consensus target price of $21.83.

Iamgold Stock Performance

IAG opened at $20.42 on Wednesday. The business’s 50-day moving average price is $17.95 and its two-hundred day moving average price is $17.89. Iamgold has a 1 year low of $10.87 and a 1 year high of $24.87. The company has a market capitalization of $11.62 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.07 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 (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data 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 return on equity of 28.97% and a net margin of 31.40%.The company had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. Equities analysts expect that Iamgold will post 1.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IAG. Wellington Altus USA Inc. increased its position in shares of Iamgold by 80.0% during the 2nd quarter. Wellington Altus USA Inc. now owns 24,192 shares of the mining company’s stock worth $383,000 after purchasing an additional 10,754 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Iamgold by 50.8% during the 2nd quarter. Tidal Investments LLC now owns 65,794 shares of the mining company’s stock worth $1,042,000 after purchasing an additional 22,161 shares in the last quarter. RFG Advisory LLC bought a new stake in shares of Iamgold during the 2nd quarter worth approximately $1,146,000. IFP Advisors Inc boosted its holdings in shares of Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock valued at $52,000 after buying an additional 813 shares during the last quarter. Finally, Nykredit A S acquired a new stake in shares of Iamgold in the 2nd quarter valued at approximately $140,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About Iamgold

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.