Brokerages Set IAMGOLD Co. (NYSE:IAG) Price Target at $6.57

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) has received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $6.57.

Several equities analysts recently weighed in on the company. CIBC upgraded IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, Raymond James upgraded IAMGOLD from a “strong sell” rating to a “hold” rating in a research report on Monday, February 3rd.

Institutional Investors Weigh In On IAMGOLD

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of IAMGOLD by 27.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after purchasing an additional 277,000 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of IAMGOLD by 368.1% in the third quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock worth $7,772,000 after purchasing an additional 1,196,564 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of IAMGOLD by 158.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after purchasing an additional 2,839,556 shares during the last quarter. Cibc World Market Inc. increased its holdings in shares of IAMGOLD by 54.0% in the fourth quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after purchasing an additional 1,795,869 shares during the last quarter. Finally, Triasima Portfolio Management inc. increased its holdings in shares of IAMGOLD by 44.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock worth $1,820,000 after purchasing an additional 108,524 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

IAMGOLD Stock Performance

IAG stock opened at $5.91 on Tuesday. The company has a market cap of $3.38 billion, a P/E ratio of 4.07 and a beta of 1.63. IAMGOLD has a 1 year low of $2.90 and a 1 year high of $6.69. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The stock’s fifty day moving average price is $5.88 and its 200-day moving average price is $5.50.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.05). The company had revenue of $469.90 million for the quarter, compared to analysts’ expectations of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. On average, equities analysts forecast that IAMGOLD will post 0.67 earnings per share for the current year.

About IAMGOLD

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.