Iamgold Corporation (IAG) Receives $6.55 Average Price Target from Brokerages

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has been given an average rating of “Hold” by the thirteen research firms that are covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $6.55.

A number of equities research analysts have recently issued reports on IAG shares. Zacks Investment Research cut shares of Iamgold Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. ValuEngine raised shares of Iamgold Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, May 23rd. Credit Suisse Group raised shares of Iamgold Corporation from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $4.50 to $5.00 in a research note on Wednesday, May 10th. BidaskClub raised shares of Iamgold Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 19th. Finally, Royal Bank Of Canada set a $6.00 price objective on shares of Iamgold Corporation and gave the company a “hold” rating in a research note on Thursday, June 8th.

Iamgold Corporation (NYSE:IAG) traded up 1.05% during trading on Wednesday, hitting $6.71. 5,429,287 shares of the stock traded hands. The company has a 50-day moving average price of $5.57 and a 200-day moving average price of $4.68. Iamgold Corporation has a 12 month low of $3.14 and a 12 month high of $6.73. The stock has a market cap of $3.12 billion, a PE ratio of 6.12 and a beta of -0.41.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.01. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. The business had revenue of $274.50 million during the quarter, compared to analysts’ expectations of $267.07 million. During the same quarter in the previous year, the company earned $0.01 EPS. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities research analysts expect that Iamgold Corporation will post $0.03 EPS for the current year.

Large investors have recently bought and sold shares of the stock. Bank of Nova Scotia raised its stake in Iamgold Corporation by 61.7% in the second quarter. Bank of Nova Scotia now owns 1,396,105 shares of the mining company’s stock worth $7,203,000 after buying an additional 532,731 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Iamgold Corporation by 102.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,299 shares of the mining company’s stock worth $110,000 after buying an additional 10,773 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Iamgold Corporation during the second quarter worth approximately $4,103,000. Royal Bank of Canada raised its stake in Iamgold Corporation by 496.5% in the second quarter. Royal Bank of Canada now owns 4,484,298 shares of the mining company’s stock worth $23,138,000 after buying an additional 3,732,543 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new stake in Iamgold Corporation during the second quarter worth approximately $5,434,000. Institutional investors own 56.35% of the company’s stock.

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Iamgold Corporation Company Profile

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

Analyst Recommendations for Iamgold Corporation (NYSE:IAG)

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