Royal Bank Of Canada Upgrades Iamgold (NYSE:IAG) to Outperform

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 investment analysts at Royal Bank Of Canada from a "sector perform" rating to an "outperform" rating in a report issued on Wednesday, Marketbeat reports. The brokerage presently has a $14.00 price objective on the mining company's stock, up from their previous price objective of $9.00. Royal Bank Of Canada's target price would indicate a potential upside of 22.32% from the company's current price.

IAG has been the subject of a number of other reports. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price for the company in a research note on Monday, June 30th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. National Bankshares restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Finally, CIBC reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Iamgold presently has an average rating of "Moderate Buy" and an average target price of $10.13.

Iamgold Price Performance

IAG traded up $0.29 during trading on Wednesday, hitting $11.45. The company's stock had a trading volume of 9,956,212 shares, compared to its average volume of 13,916,155. 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 stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 8.23, a price-to-earnings-growth ratio of 0.36 and a beta of 1.21. The firm's 50 day moving average price is $8.13 and its two-hundred day moving average price is $7.23. Iamgold has a 12 month low of $4.44 and a 12 month high of $11.58.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after purchasing an additional 2,623 shares in the last quarter. Banque Transatlantique SA acquired a new position in shares of Iamgold in the 2nd quarter valued at $26,000. Summit Securities Group LLC bought a new stake in shares of Iamgold in the 1st quarter valued at $35,000. Tableaux LLC bought a new stake in shares of Iamgold in the 2nd quarter valued at $61,000. Finally, Alpha Omega Wealth Management LLC acquired a new stake in Iamgold during the 1st quarter worth $75,000. Institutional investors own 47.08% of the company's stock.

About Iamgold

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.