IAMGOLD (NYSE:IAG) Given New $6.00 Price Target at Raymond James

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG had its price target dropped by research analysts at Raymond James from $6.50 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underperform" rating on the mining company's stock. Raymond James' price objective suggests a potential upside of 12.36% from the stock's previous close.

Several other analysts have also recently issued reports on the stock. National Bank Financial raised shares of IAMGOLD from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 10th. Canaccord Genuity Group upgraded IAMGOLD from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday, October 22nd. StockNews.com downgraded shares of IAMGOLD from a "buy" rating to a "hold" rating in a research report on Wednesday. Finally, Cibc World Mkts upgraded shares of IAMGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $6.57.

IAMGOLD Trading Down 4.0 %

Shares of IAG traded down $0.22 during mid-day trading on Wednesday, hitting $5.34. The company had a trading volume of 15,269,924 shares, compared to its average volume of 11,605,867. IAMGOLD has a 1-year low of $2.23 and a 1-year high of $6.37. The business's 50-day simple moving average is $5.39 and its 200-day simple moving average is $5.02. The stock has a market cap of $3.05 billion, a PE ratio of 4.17 and a beta of 1.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake in shares of IAMGOLD by 194.2% during the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company's stock valued at $29,573,000 after acquiring an additional 5,204,715 shares in the last quarter. FMR LLC grew its stake in IAMGOLD by 107.9% during the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company's stock valued at $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp increased its holdings in IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company's stock worth $276,639,000 after purchasing an additional 4,267,084 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of IAMGOLD by 58.8% in the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company's stock valued at $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of IAMGOLD by 130.6% during the 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company's stock valued at $28,385,000 after buying an additional 3,049,252 shares during the last quarter. 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.