CIBC Increases IAMGOLD (NYSE:IAG) Price Target to $6.40

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG had its price target raised by research analysts at CIBC from $5.40 to $6.40 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the mining company's stock. CIBC's price target would suggest a potential upside of 4.75% from the company's current price.

Several other equities research analysts have also recently weighed in on IAG. Canaccord Genuity Group upgraded shares of IAMGOLD from a "hold" rating to a "buy" rating and increased their price objective for the stock from $7.75 to $10.50 in a research report on Tuesday. StockNews.com raised IAMGOLD from a "sell" rating to a "hold" rating in a research report on Saturday, August 17th. Royal Bank of Canada reissued a "sector perform" rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday. Scotiabank raised their target price on IAMGOLD from $4.75 to $5.50 and gave the stock a "sector perform" rating in a research note on Monday, August 19th. Finally, Canaccord Genuity Group upgraded IAMGOLD from a "hold" rating to a "buy" rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $6.07.

IAMGOLD Trading Down 0.7 %

NYSE IAG traded down $0.04 on Tuesday, reaching $6.11. The company had a trading volume of 10,285,820 shares, compared to its average volume of 9,177,280. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 21.82 and a beta of 1.59. IAMGOLD has a fifty-two week low of $2.11 and a fifty-two week high of $6.37. The business has a 50 day moving average of $5.12 and a two-hundred day moving average of $4.32. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.34 and a quick ratio of 0.90.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.08. The company had revenue of $385.30 million for the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same period in the prior year, the firm earned ($0.01) earnings per share. Analysts forecast that IAMGOLD will post 0.49 EPS for the current year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC grew its position in IAMGOLD by 1,034.3% in the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company's stock valued at $1,132,000 after purchasing an additional 309,836 shares during the period. Helikon Investments Ltd grew its holdings in shares of IAMGOLD by 250.5% during the first quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company's stock valued at $109,429,000 after buying an additional 23,485,183 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of IAMGOLD during the first quarter worth about $389,000. BNP Paribas Financial Markets raised its holdings in shares of IAMGOLD by 326.7% in the 1st quarter. BNP Paribas Financial Markets now owns 609,440 shares of the mining company's stock worth $2,029,000 after acquiring an additional 466,620 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of IAMGOLD by 28.6% in the 2nd quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company's stock worth $21,423,000 after acquiring an additional 1,270,608 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.