CIBC Increases Iamgold (NYSE:IAG) Price Target to $19.00

Key Points

• CIBC raised its price target for Iamgold (NYSE:IAG) from $10.40 to $19.00, indicating a potential upside of 50.42% from the current share price.
• Iamgold's stock has received various ratings, with analysts giving it an average rating of Moderate Buy and an average target price of $12.85.
• Recent earnings results showed Iamgold missed analysts' consensus estimates, reporting $0.13 EPS against the expected $0.14, with revenue also falling short of projections.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG had its price target lifted by CIBC from $10.40 to $19.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperformer" rating on the mining company's stock. CIBC's price objective would indicate a potential upside of 50.42% from the company's current price.

Several other analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Iamgold in a report on Wednesday. Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Finally, Raymond James Financial set a $13.00 target price on shares of Iamgold and gave the stock a "market perform" rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $12.85.

Iamgold Stock Up 0.3%

Shares of NYSE IAG traded up $0.04 during trading on Friday, reaching $12.63. 5,218,401 shares of the stock were exchanged, compared to its average volume of 14,259,979. The business's 50-day moving average price is $10.13 and its 200 day moving average price is $8.07. Iamgold has a twelve month low of $4.64 and a twelve month high of $13.99. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 9.12, a price-to-earnings-growth ratio of 0.46 and a beta of 1.24.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The firm had revenue of $587.21 million for the quarter, compared to analyst estimates of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. As a group, equities analysts forecast that Iamgold will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several institutional investors have recently modified their holdings of the company. L1 Capital Pty Ltd bought a new position in shares of Iamgold during the second quarter worth about $693,000. Marex Group plc bought a new position in Iamgold in the 2nd quarter valued at about $677,000. State of Wyoming bought a new position in Iamgold in the 2nd quarter valued at about $201,000. Hollencrest Capital Management bought a new position in Iamgold in the 2nd quarter valued at about $377,000. Finally, Headlands Technologies LLC bought a new position in Iamgold in the 2nd quarter valued at about $738,000. Institutional investors own 47.08% of the company's stock.

Iamgold Company Profile

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.

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