Iamgold (NYSE:IAG) Raised to Hold at Raymond James Financial

Raymond James Financial upgraded shares of Iamgold (NYSE:IAG - Free Report) TSE: IMG to a hold rating in a report released on Monday, MarketBeat.com reports. They currently have $8.00 target price on the mining company's stock.

IAG has been the subject of a number of other reports. BMO Capital Markets initiated coverage on Iamgold in a report on Wednesday, April 16th. They issued an "outperform" rating for the company. Scotiabank boosted their price target on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a report on Monday, May 12th. National Bank Financial raised Iamgold to a "strong-buy" rating in a report on Friday, March 21st. National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Finally, CIBC boosted their price target on Iamgold from $8.40 to $9.20 and gave the stock an "outperformer" rating in a report on Thursday, May 8th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.29.

Iamgold Price Performance

IAG stock traded down $0.08 during midday trading on Monday, hitting $7.27. 7,468,855 shares of the stock were exchanged, compared to its average volume of 11,460,403. The stock's 50-day moving average price is $7.05 and its 200-day moving average price is $6.36. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of 5.16, a PEG ratio of 0.40 and a beta of 1.15. Iamgold has a fifty-two week low of $3.44 and a fifty-two week high of $8.38. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 1.41.

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

Institutional Investors Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently made changes to their positions in IAG. RCF Management L.L.C. purchased a new stake in shares of Iamgold in the fourth quarter valued at $128,174,000. T. Rowe Price Investment Management Inc. purchased a new stake in Iamgold during the first quarter valued at about $45,911,000. Millennium Management LLC grew its position in Iamgold by 88.4% during the fourth quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock valued at $53,307,000 after acquiring an additional 4,846,254 shares during the period. Nuveen LLC purchased a new stake in Iamgold during the first quarter valued at about $20,620,000. Finally, Anson Funds Management LP grew its position in Iamgold by 2,100.0% during the first quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company's stock valued at $20,598,000 after acquiring an additional 3,150,000 shares during the period. Hedge funds and other 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.