IAMGOLD (NYSE:IAG) Price Target Raised to $6.40 at CIBC

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective raised by CIBC from $5.40 to $6.40 in a research note released on Tuesday morning, Benzinga reports. CIBC currently has a neutral rating on the mining company’s stock.

Several other research analysts have also commented on IAG. StockNews.com upgraded shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a report on Tuesday. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and raised their target price for the company from $7.75 to $10.50 in a research note on Tuesday. Finally, Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.07.

IAMGOLD Stock Performance

IAMGOLD stock opened at $5.77 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.90 and a debt-to-equity ratio of 0.30. The firm has a market cap of $3.29 billion, a P/E ratio of 23.06 and a beta of 1.59. IAMGOLD has a 1-year low of $2.11 and a 1-year high of $6.37. The firm has a 50-day moving average of $5.20 and a 200-day moving average of $4.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.08. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. The business had revenue of $385.30 million during the quarter. During the same quarter last year, the business posted ($0.01) EPS. Sell-side analysts expect that IAMGOLD will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Semanteon Capital Management LP purchased a new stake in shares of IAMGOLD in the third quarter worth $503,000. Leuthold Group LLC bought a new position in IAMGOLD in the 3rd quarter worth about $2,951,000. International Assets Investment Management LLC purchased a new stake in IAMGOLD during the 3rd quarter valued at about $700,000. Eastern Bank bought a new stake in IAMGOLD during the 3rd quarter valued at about $30,000. Finally, U S Global Investors Inc. raised its holdings in IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after buying an additional 604,114 shares during the last quarter. 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.