IAMGOLD Co. (NYSE:IAG) Receives $6.68 Consensus Target Price from Brokerages

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) has been assigned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $6.68.

A number of equities analysts have recently weighed in on IAG shares. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday, October 22nd. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd.

IAMGOLD Stock Down 4.3 %

IAMGOLD stock opened at $5.35 on Friday. IAMGOLD has a fifty-two week low of $2.11 and a fifty-two week high of $6.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The firm’s 50-day simple moving average is $5.36 and its 200 day simple moving average is $4.70. The stock has a market cap of $3.06 billion, a PE ratio of 4.18 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

Several large investors have recently added to or reduced their stakes in IAG. Millennium Management LLC increased its stake in shares of IAMGOLD by 194.2% in the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock worth $29,573,000 after purchasing an additional 5,204,715 shares in the last quarter. FMR LLC grew its stake in IAMGOLD by 107.9% in the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after buying an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp raised its holdings in IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after acquiring an additional 4,267,084 shares during the period. Two Sigma Advisers LP lifted its position in shares of IAMGOLD by 58.8% during the third quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock worth $52,735,000 after acquiring an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of IAMGOLD by 130.6% in the third quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock worth $28,385,000 after acquiring an additional 3,049,252 shares during the period. 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.