IAMGOLD (NYSE:IAG) Price Target Lowered to $6.00 at Raymond James

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective dropped by investment analysts at Raymond James from $6.50 to $6.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the mining company’s stock. Raymond James’ target price points to a potential upside of 11.73% from the company’s previous close.

A number of other research firms also recently issued reports on IAG. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a research note on Tuesday, October 22nd. National Bank Financial raised shares of 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. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.57.

IAMGOLD Price Performance

Shares of IAG stock traded down $0.19 during trading on Wednesday, hitting $5.37. The company had a trading volume of 6,524,469 shares, compared to its average volume of 10,522,817. IAMGOLD has a 52 week low of $2.23 and a 52 week high of $6.37. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 4.20 and a beta of 1.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average is $5.38 and its two-hundred day moving average is $5.01.

Hedge Funds Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently modified their holdings of the company. ORG Partners LLC purchased a new position in IAMGOLD during the 3rd quarter valued at about $29,000. Eastern Bank bought a new stake in IAMGOLD in the third quarter valued at $30,000. Aigen Investment Management LP increased its position in IAMGOLD by 10.6% during the 3rd quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock valued at $368,000 after purchasing an additional 6,704 shares during the period. Geode Capital Management LLC raised its holdings in IAMGOLD by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after purchasing an additional 6,874 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after purchasing an additional 8,972 shares during the period. 47.08% of the stock is owned by institutional investors.

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.