Analysts Set Iamgold Corporation (NYSE:IAG) Price Target at $8.29

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG has been assigned an average recommendation of "Moderate Buy" from the eight research firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $8.29.

Several equities research analysts have recently weighed in on IAG shares. Scotiabank increased their price objective on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Wall Street Zen downgraded shares of Iamgold from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. BMO Capital Markets started coverage on shares of Iamgold in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. Raymond James Financial reiterated a "market perform" rating and issued a $8.00 target price on shares of Iamgold in a research note on Friday, April 4th. Finally, National Bank Financial upgraded shares of Iamgold to a "strong-buy" rating in a research note on Friday, March 21st.

Iamgold Stock Performance

NYSE:IAG traded down $0.04 during mid-day trading on Thursday, hitting $7.24. 18,376,831 shares of the company's stock traded hands, compared to its average volume of 11,229,870. The firm has a 50 day moving average of $7.11 and a two-hundred day moving average of $6.28. Iamgold has a 12 month low of $3.44 and a 12 month high of $8.38. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 5.13 and a beta of 1.15. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.29.

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

Hedge Funds Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Integrity Alliance LLC. bought a new position in Iamgold during the first quarter worth about $97,000. Mudita Advisors LLP lifted its position in shares of Iamgold by 41.1% during the 1st quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company's stock worth $13,002,000 after buying an additional 606,795 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Iamgold by 67.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company's stock worth $6,283,000 after buying an additional 404,645 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Iamgold by 6.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company's stock worth $15,127,000 after buying an additional 144,160 shares during the period. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Iamgold by 79.8% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 179,403 shares of the mining company's stock worth $1,121,000 after buying an additional 79,617 shares during the period. 47.08% of the stock is owned by 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.