Iamgold (NYSE:IAG) Price Target Raised to $23.00 at Royal Bank Of Canada

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective boosted by analysts at Royal Bank Of Canada from $20.00 to $23.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the mining company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 17.40% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Scotiabank raised their target price on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Jefferies Financial Group began coverage on shares of Iamgold in a research note on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective on the stock. Raymond James Financial boosted their price target on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Iamgold in a report on Friday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.83.

Iamgold Trading Down 0.2%

Shares of IAG stock traded down $0.05 on Wednesday, hitting $19.59. The stock had a trading volume of 2,064,966 shares, compared to its average volume of 6,826,771. The firm has a market cap of $11.15 billion, a P/E ratio of 9.91, a PEG ratio of 1.05 and a beta of 1.40. Iamgold has a twelve month low of $10.76 and a twelve month high of $24.87. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average price of $17.66 and a two-hundred day moving average price of $17.94.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. The firm had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, analysts forecast that Iamgold will post 1.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of hedge funds have recently modified their holdings of IAG. Pin Oak Investment Advisors Inc. bought a new position in shares of Iamgold in the second quarter valued at approximately $28,000. Western Wealth Management LLC purchased a new position in Iamgold during the first quarter worth about $43,000. Banque Cantonale Vaudoise increased its stake in Iamgold by 617.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock worth $49,000 after acquiring an additional 2,570 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after acquiring an additional 1,150 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Iamgold by 33.2% during the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock valued at $52,000 after acquiring an additional 813 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.