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

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

A number of other equities research analysts have also recently commented on the company. Raymond James Financial raised their price target on Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Friday, September 4th. Bank of America dropped their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Scotiabank lifted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Iamgold in a research report on Friday, September 4th. Finally, Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and an average price target of $21.83.

Iamgold Trading Down 0.2%

Shares of NYSE IAG traded down $0.05 during trading hours on Wednesday, hitting $19.59. The company’s stock had a trading volume of 2,064,966 shares, compared to its average volume of 6,826,771. The business has a 50-day simple moving average of $17.66 and a 200-day simple moving average of $17.94. The stock has a market cap of $11.15 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 1.05 and a beta of 1.40. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. Iamgold has a 12 month low of $10.76 and a 12 month high of $24.87.

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

Hedge Funds Weigh In On Iamgold

Institutional investors and hedge funds have recently modified their holdings of the stock. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold during the 2nd quarter valued at $28,000. Western Wealth Management LLC bought a new position in Iamgold during the first quarter valued at $43,000. Banque Cantonale Vaudoise raised its stake in shares of Iamgold by 617.8% in the fourth quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock valued at $49,000 after acquiring an additional 2,570 shares during the period. EverSource Wealth Advisors LLC lifted 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 worth $51,000 after acquiring an additional 1,150 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake 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 worth $52,000 after purchasing an additional 813 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

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.