Iamgold (NYSE:IAG) Upgraded by Royal Bank Of Canada to "Outperform" Rating

Key Points

• Iamgold has been upgraded by the Royal Bank of Canada from a "sector perform" rating to an "outperform" rating, with a price target of $14.00 suggesting a potential upside of 39.72% from its previous close.
• As of recent data, Iamgold has an average rating of "Moderate Buy" and a consensus target price of $10.13, with two analysts rating it as a Strong Buy.
• Key performance metrics for Iamgold include a market cap of $5.76 billion, a PE ratio of 7.21, and a recent earnings report showing $0.13 EPS, slightly below analysts' expectations of $0.14.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG was upgraded by Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $14.00 price objective on the mining company's stock. Royal Bank Of Canada's target price would suggest a potential upside of 39.72% from the stock's previous close.

A number of other brokerages also recently issued reports on IAG. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price target for the company in a research report on Monday, June 30th. CIBC restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Finally, Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $10.13.

Iamgold Stock Performance

Shares of IAG opened at $10.02 on Wednesday. The company has a market cap of $5.76 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 0.33 and a beta of 1.21. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $7.91 and a 200-day moving average price of $7.10. Iamgold has a 12-month low of $4.44 and a 12-month high of $10.27.

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

Hedge Funds Weigh In On Iamgold

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock worth $26,000 after purchasing an additional 2,623 shares during the period. Banque Transatlantique SA purchased a new position in Iamgold in the 2nd quarter worth approximately $26,000. Summit Securities Group LLC purchased a new position in Iamgold in the 1st quarter worth approximately $35,000. Tableaux LLC purchased a new position in Iamgold in the 2nd quarter worth approximately $61,000. Finally, Alpha Omega Wealth Management LLC purchased a new position in Iamgold in the 1st quarter worth approximately $75,000. 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.

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