Iamgold (NYSE:IAG) Price Target Raised to $10.40 at CIBC

Iamgold (NYSE:IAG - Free Report) TSE: IMG had its target price upped by CIBC from $9.20 to $10.40 in a research note issued to investors on Tuesday morning,Benzinga reports. CIBC currently has an outperformer rating on the mining company's stock.

IAG has been the subject of a number of other reports. National Bankshares restated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. National Bank Financial upgraded shares of Iamgold to a "strong-buy" rating in a report on Friday, March 21st. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price objective for the company in a report on Monday, June 30th. Scotiabank boosted their price objective on shares of Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Finally, BMO Capital Markets started coverage on shares of Iamgold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.53.

Iamgold Stock Performance

Shares of IAG traded down $0.12 during trading hours on Tuesday, hitting $7.04. The company's stock had a trading volume of 13,582,901 shares, compared to its average volume of 11,612,661. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 4.99, a PEG ratio of 0.34 and a beta of 1.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83. The business has a 50 day simple moving average of $7.08 and a two-hundred day simple moving average of $6.50. Iamgold has a 52-week low of $3.44 and a 52-week high of $8.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The firm had revenue of $457.23 million during the quarter, compared to the consensus estimate of $578.70 million. On average, equities analysts expect that Iamgold will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Donald Smith & CO. Inc. increased its position in Iamgold by 0.7% during the 4th quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company's stock valued at $161,167,000 after purchasing an additional 216,751 shares during the period. RCF Management L.L.C. purchased a new stake in shares of Iamgold in the 4th quarter worth about $128,174,000. Vanguard Group Inc. grew its position in shares of Iamgold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock worth $134,764,000 after buying an additional 361,608 shares during the period. American Century Companies Inc. grew its position in Iamgold by 19.0% during the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock valued at $75,489,000 after purchasing an additional 1,929,787 shares during the last quarter. Finally, Millennium Management LLC grew its position in Iamgold by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock valued at $53,307,000 after purchasing an additional 4,846,254 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.