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

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective increased by CIBC from $7.60 to $8.40 in a research note released on Thursday morning, Marketbeat.com reports. They currently have an outperformer rating on the mining company’s stock.

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

IAMGOLD Price Performance

Shares of IAG stock opened at $6.22 on Thursday. The firm has a fifty day moving average of $5.92 and a two-hundred day moving average of $5.53. The firm has a market cap of $3.56 billion, a P/E ratio of 4.29 and a beta of 1.63. IAMGOLD has a 1-year low of $2.94 and a 1-year high of $6.69. 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 (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 the consensus estimate of $0.15 by ($0.05). IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The firm had revenue of $469.90 million during the quarter, compared to the consensus estimate of $498.68 million. As a group, research analysts anticipate that IAMGOLD will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. grew its holdings in IAMGOLD by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock worth $187,000 after buying an additional 1,836 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of IAMGOLD by 0.4% in the fourth quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock worth $3,615,000 after purchasing an additional 2,848 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of IAMGOLD by 12.7% during the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock valued at $181,000 after purchasing an additional 3,961 shares during the period. Northwest & Ethical Investments L.P. raised its stake in shares of IAMGOLD by 4.6% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 91,623 shares of the mining company’s stock valued at $473,000 after purchasing an additional 4,013 shares in the last quarter. Finally, Freedom Investment Management Inc. lifted its holdings in IAMGOLD by 4.2% in the fourth quarter. Freedom Investment Management Inc. now owns 108,747 shares of the mining company’s stock worth $561,000 after purchasing an additional 4,399 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

IAMGOLD Company Profile

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.