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

IAMGOLD (NYSE:IAG) (TSE:IMG) had its target price boosted by investment analysts at CIBC from $7.60 to $8.40 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperformer” rating on the mining company’s stock. CIBC’s price target would suggest a potential upside of 36.03% from the company’s previous close.

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

IAMGOLD Stock Performance

Shares of IAG traded up $0.06 on Thursday, reaching $6.18. The company’s stock had a trading volume of 5,434,786 shares, compared to its average volume of 9,491,390. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The stock has a market capitalization of $3.53 billion, a P/E ratio of 4.26 and a beta of 1.63. The stock’s 50 day simple moving average is $5.91 and its two-hundred day simple moving average is $5.52. IAMGOLD has a 12-month low of $2.90 and a 12-month high of $6.69.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $498.68 million. Research analysts forecast that IAMGOLD will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its position in IAMGOLD by 27.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after purchasing an additional 277,000 shares during the last quarter. BNP Paribas Financial Markets increased its position in IAMGOLD by 368.1% in the third quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock worth $7,772,000 after purchasing an additional 1,196,564 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in IAMGOLD by 158.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after purchasing an additional 2,839,556 shares during the last quarter. Cibc World Market Inc. increased its position in IAMGOLD by 54.0% in the fourth quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after purchasing an additional 1,795,869 shares during the last quarter. Finally, Triasima Portfolio Management inc. increased its position in IAMGOLD by 44.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock worth $1,820,000 after purchasing an additional 108,524 shares during the last quarter. Institutional investors 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.