Raymond James Financial Issues Positive Forecast for Iamgold (NYSE:IAG) Stock Price

Key Points

• Raymond James raised Iamgold’s price target from $20 to $21 while maintaining a “market perform” rating, implying 2.71% upside from the prior close.
• Analyst sentiment is moderately positive overall: Iamgold has an average “Moderate Buy” rating and a consensus price target of $21.33, though several firms recently lowered their targets.
• Iamgold shares fell 2.4% to $20.45 on Friday. The company reported quarterly EPS of $0.42, matching estimates, while revenue of $845.97 million came in below the $882.92 million consensus forecast.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG had its price objective upped by equities researchers at Raymond James Financial from $20.00 to $21.00 in a note issued to investors on Friday, BayStreet reports. The brokerage presently has a "market perform" rating on the mining company's stock. Raymond James Financial's target price indicates a potential upside of 2.71% from the stock's previous close.

Several other research analysts also recently issued reports on the stock. Bank of America dropped their price objective on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Royal Bank Of Canada cut their target price on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Weiss Ratings downgraded shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 9th. Scotiabank increased their price objective 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. Finally, Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $21.33.

Iamgold Stock Down 2.4%

Shares of IAG stock traded down $0.49 on Friday, reaching $20.45. 1,377,288 shares of the company's stock traded hands, compared to its average volume of 6,963,574. The company has a market capitalization of $11.68 billion, a P/E ratio of 10.32, a price-to-earnings-growth ratio of 1.07 and a beta of 1.40. The business's 50 day moving average price is $17.01 and its two-hundred day moving average price is $18.05. Iamgold has a 12-month low of $9.55 and a 12-month high of $24.87. 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 (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. On average, equities analysts forecast that Iamgold will post 1.92 earnings per share for the current year.

Institutional Investors Weigh In On Iamgold

A number of hedge funds have recently made changes to their positions in the company. Amundi boosted its position in Iamgold by 2.2% in the second quarter. Amundi now owns 3,573,720 shares of the mining company's stock valued at $56,608,000 after buying an additional 76,545 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Iamgold by 23.0% in the second quarter. HighTower Advisors LLC now owns 130,247 shares of the mining company's stock valued at $2,063,000 after acquiring an additional 24,332 shares during the last quarter. Continuum Advisory LLC bought a new position in shares of Iamgold in the second quarter valued at approximately $146,000. Nykredit A S acquired a new position in shares of Iamgold in the 2nd quarter worth approximately $140,000. Finally, Addenda Capital Inc. acquired a new position in shares of Iamgold in the 2nd quarter worth approximately $441,000. Institutional investors and hedge funds own 47.08% of the company's stock.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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