CIBC Boosts Iamgold (NYSE:IAG) Price Target to $19.00

Iamgold (NYSE:IAG) (TSE:IMG) had its price target increased by analysts at CIBC from $10.40 to $19.00 in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has an “outperformer” rating on the mining company’s stock. CIBC’s price target suggests a potential upside of 49.72% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Raymond James Financial raised their price target on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Wednesday. National Bankshares restated an “outperform” rating on shares of Iamgold in a report on Tuesday, June 24th. Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Finally, Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Iamgold presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.85.

Iamgold Stock Up 0.8%

IAG stock opened at $12.69 on Friday. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 9.13, a PEG ratio of 0.43 and a beta of 1.24. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. Iamgold has a 12 month low of $4.64 and a 12 month high of $13.99. The firm has a 50-day moving average of $10.24 and a two-hundred day moving average of $8.13.

Iamgold (NYSE:IAG) (TSE:IMG) last announced 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 for 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, analysts forecast that Iamgold will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently made changes to their positions in the stock. L1 Capital Pty Ltd purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $693,000. Marex Group plc purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $677,000. State of Wyoming purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $201,000. Hollencrest Capital Management purchased a new position in Iamgold in the 2nd quarter valued at approximately $377,000. Finally, Headlands Technologies LLC purchased a new position in Iamgold in the 2nd quarter valued at approximately $738,000. Hedge funds and other 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.