Iamgold (IAG) Given a $6.00 Price Target at Raymond James

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Raymond James set a $6.00 target price on Iamgold (NYSE:IAG) (TSE:IMG) in a report published on Wednesday morning. The brokerage currently has a hold rating on the mining company’s stock.

IAG has been the topic of a number of other reports. TheStreet lowered Iamgold from a c- rating to a d+ rating in a research note on Wednesday, October 31st. Royal Bank of Canada set a $6.00 price target on Iamgold and gave the company a hold rating in a research note on Thursday, October 11th. Zacks Investment Research lowered Iamgold from a hold rating to a sell rating in a research note on Wednesday, October 10th. ValuEngine lowered Iamgold from a buy rating to a hold rating in a research note on Wednesday, August 8th. Finally, Canaccord Genuity reissued a buy rating on shares of Iamgold in a research note on Sunday, October 21st. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $6.68.

Shares of IAG stock traded down $0.14 during mid-day trading on Wednesday, reaching $3.13. 6,639,229 shares of the stock traded hands, compared to its average volume of 5,313,735. Iamgold has a 1-year low of $3.08 and a 1-year high of $6.52. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 52.17, a PEG ratio of 9.25 and a beta of -0.19. The company has a current ratio of 4.31, a quick ratio of 3.80 and a debt-to-equity ratio of 0.14.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, November 6th. The mining company reported ($0.01) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Iamgold had a positive return on equity of 1.14% and a negative net margin of 0.98%. The firm had revenue of $244.80 million for the quarter, compared to analyst estimates of $266.17 million. During the same period last year, the firm posted $0.07 earnings per share. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. On average, sell-side analysts predict that Iamgold will post 0.12 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Van ECK Associates Corp raised its position in shares of Iamgold by 4.7% during the second quarter. Van ECK Associates Corp now owns 64,001,511 shares of the mining company’s stock worth $371,849,000 after acquiring an additional 2,862,271 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Iamgold by 723.7% during the third quarter. JPMorgan Chase & Co. now owns 13,045,048 shares of the mining company’s stock worth $48,006,000 after acquiring an additional 11,461,355 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Iamgold by 5.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock worth $64,214,000 after acquiring an additional 565,927 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Iamgold by 14.3% during the third quarter. Bank of New York Mellon Corp now owns 9,098,395 shares of the mining company’s stock worth $33,482,000 after acquiring an additional 1,139,108 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its position in shares of Iamgold by 1.1% during the second quarter. Tocqueville Asset Management L.P. now owns 8,339,177 shares of the mining company’s stock worth $48,451,000 after acquiring an additional 94,600 shares during the last quarter. Institutional investors own 53.42% of the company’s stock.

About Iamgold

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Qu├ębec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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Analyst Recommendations for Iamgold (NYSE:IAG)

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