CIBC Raises Iamgold (NYSE:IAG) Price Target to $10.40

Iamgold (NYSE:IAG) (TSE:IMG) had its price target increased by stock analysts at CIBC from $9.20 to $10.40 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperformer” rating on the mining company’s stock. CIBC’s price objective suggests a potential upside of 45.35% from the company’s current price.

IAG has been the subject of several other reports. National Bankshares reissued an “outperform” rating on shares of Iamgold in a research report on Tuesday, June 24th. BMO Capital Markets started coverage on shares of Iamgold in a report on Wednesday, April 16th. They issued an “outperform” rating for the company. Raymond James Financial raised shares of Iamgold to a “hold” rating and set a $8.00 price target for the company in a research report on Monday, June 30th. National Bank Financial raised shares of Iamgold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Scotiabank boosted their price objective on shares of Iamgold from $7.50 to $7.75 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.53.

Iamgold Trading Up 1.9%

NYSE IAG opened at $7.16 on Tuesday. Iamgold has a one year low of $3.44 and a one year high of $8.38. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 5.07, a price-to-earnings-growth ratio of 0.34 and a beta of 1.15. The company’s 50-day simple moving average is $7.08 and its two-hundred day simple moving average is $6.50.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. Equities analysts forecast that Iamgold will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several hedge funds have recently modified their holdings of the stock. RCF Management L.L.C. purchased a new stake in Iamgold during the 4th quarter valued at about $128,174,000. T. Rowe Price Investment Management Inc. purchased a new stake in Iamgold in the first quarter valued at approximately $45,911,000. Millennium Management LLC lifted its stake in Iamgold by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company’s stock valued at $53,307,000 after acquiring an additional 4,846,254 shares during the period. Nuveen LLC acquired a new stake in shares of Iamgold in the first quarter worth $20,620,000. Finally, Anson Funds Management LP grew its holdings in Iamgold by 2,100.0% during the first quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company’s stock worth $20,598,000 after acquiring an additional 3,150,000 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.