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

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

Several other equities analysts have also recently commented on IAG. BMO Capital Markets assumed coverage on shares of Iamgold in a research report on Wednesday, April 16th. They issued an “outperform” rating for the company. National Bankshares restated an “outperform” rating on shares of Iamgold in a report on Tuesday, June 24th. 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. Scotiabank lifted their price objective on shares of Iamgold from $7.50 to $7.75 and gave the company a “sector perform” rating in a research note on Monday, May 12th. Finally, National Bank Financial upgraded Iamgold to a “strong-buy” rating in a research note on Friday, March 21st. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.53.

Iamgold Stock Up 1.9%

Shares of NYSE IAG opened at $7.16 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $7.08 and a 200 day moving average of $6.50. The stock has a market cap of $4.11 billion, a PE ratio of 5.07, a P/E/G ratio of 0.34 and a beta of 1.15. Iamgold has a 12-month low of $3.44 and a 12-month high of $8.38.

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. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The firm had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. As a group, sell-side analysts predict that Iamgold will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Cambridge Investment Research Advisors Inc. acquired a new stake in Iamgold during the first quarter worth approximately $647,000. Ritholtz Wealth Management acquired a new stake in shares of Iamgold in the first quarter worth $94,000. Franklin Resources Inc. raised its position in Iamgold by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock valued at $187,000 after purchasing an additional 1,836 shares during the period. Geode Capital Management LLC raised its holdings in shares of Iamgold by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company’s stock valued at $1,435,000 after buying an additional 10,468 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Iamgold during the fourth quarter worth $107,000. 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.