Royal Bank of Canada Reaffirms Sector Perform Rating for IAMGOLD (NYSE:IAG)

Royal Bank of Canada reissued their sector perform rating on shares of IAMGOLD (NYSE:IAG) (TSE:IMG) in a report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has a $6.00 target price on the mining company’s stock.

IAG has been the subject of several other research reports. StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and increased their price objective for the company from $7.75 to $10.50 in a report on Tuesday. CIBC boosted their target price on IAMGOLD from $4.90 to $5.40 and gave the stock a “neutral” rating in a report on Monday, August 12th. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $6.07.

IAMGOLD Price Performance

Shares of NYSE:IAG 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’s 50 day moving average is $5.20 and its two-hundred day moving average is $4.37. The firm has a market capitalization of $3.29 billion, a P/E ratio of 23.06 and a beta of 1.59. IAMGOLD has a 52 week low of $2.11 and a 52 week high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, beating 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 firm had revenue of $385.30 million for the quarter. During the same quarter in the prior year, the business earned ($0.01) earnings per share. Analysts anticipate that IAMGOLD will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds have recently modified their holdings of the stock. Semanteon Capital Management LP purchased a new stake in shares of IAMGOLD during the third quarter valued at $503,000. Leuthold Group LLC acquired a new position in shares of IAMGOLD in the third quarter worth about $2,951,000. International Assets Investment Management LLC purchased a new position in shares of IAMGOLD in the third quarter worth approximately $700,000. Eastern Bank acquired a new stake in shares of IAMGOLD during the third quarter valued at approximately $30,000. Finally, U S Global Investors Inc. lifted its position in shares of IAMGOLD by 241.6% in the 3rd quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after acquiring an additional 604,114 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.