CIBC Issues Positive Forecast for IAMGOLD (NYSE:IAG) Stock Price

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective raised by investment analysts at CIBC from $7.60 to $8.40 in a report released on Thursday, MarketBeat.com reports. The brokerage currently has an “outperformer” rating on the mining company’s stock. CIBC’s price objective would indicate a potential upside of 38.96% from the stock’s current price.

IAG has been the topic of several other research reports. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Raymond James upgraded IAMGOLD from a “strong sell” rating to a “hold” rating in a report on Monday, February 3rd. Finally, StockNews.com cut IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, IAMGOLD has a consensus rating of “Moderate Buy” and an average price target of $6.90.

IAMGOLD Price Performance

IAMGOLD stock opened at $6.05 on Thursday. The business’s 50-day simple moving average is $5.93 and its 200 day simple moving average is $5.54. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 4.17 and a beta of 1.63. IAMGOLD has a 12-month low of $2.94 and a 12-month high of $6.69. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. The company had revenue of $469.90 million for 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 year.

Institutional Trading of IAMGOLD

Institutional investors have recently added to or reduced their stakes in the company. Tobam bought a new stake in shares of IAMGOLD during the 4th quarter valued at $25,000. Blue Trust Inc. lifted its position in shares of IAMGOLD by 157.1% during the 4th quarter. Blue Trust Inc. now owns 9,018 shares of the mining company’s stock valued at $47,000 after acquiring an additional 5,511 shares during the period. Raab & Moskowitz Asset Management LLC bought a new stake in shares of IAMGOLD during the 4th quarter valued at $56,000. Atria Wealth Solutions Inc. bought a new stake in shares of IAMGOLD during the 4th quarter valued at $68,000. Finally, Choreo LLC bought a new stake in shares of IAMGOLD during the 4th quarter valued at $88,000. 47.08% of the stock is currently owned by institutional investors.

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.