Iamgold (NYSE:IAG) Upgraded to “Outperform” at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a sector perform rating to an outperform rating in a research note published on Wednesday morning, MarketBeat Ratings reports. They currently have $14.00 price objective on the mining company’s stock, up from their prior price objective of $9.00.

Other equities analysts have also issued research reports about the company. National Bankshares reissued an “outperform” rating on shares of Iamgold in a research note on Tuesday, June 24th. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. CIBC reiterated an “outperform” rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Raymond James Financial upgraded Iamgold to a “hold” rating and set a $8.00 price target on the stock in a research note on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.13.

Iamgold Stock Performance

Shares of NYSE:IAG opened at $10.92 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The business’s 50 day moving average price is $7.98 and its 200-day moving average price is $7.13. The firm has a market capitalization of $6.28 billion, a PE ratio of 7.85, a P/E/G ratio of 0.33 and a beta of 1.21. Iamgold has a 1 year low of $4.44 and a 1 year high of $11.32.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The firm had revenue of $587.21 million during the quarter, compared to analyst estimates of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. As a group, equities research analysts expect that Iamgold will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its holdings in Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after acquiring an additional 2,623 shares during the last quarter. Banque Transatlantique SA acquired a new position in shares of Iamgold in the second quarter worth about $26,000. Summit Securities Group LLC acquired a new position in shares of Iamgold in the first quarter worth about $35,000. Tableaux LLC acquired a new position in shares of Iamgold in the second quarter worth about $61,000. Finally, Alpha Omega Wealth Management LLC bought a new stake in Iamgold in the first quarter valued at about $75,000. Hedge funds and other 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.