Raymond James Financial Forecasts Strong Price Appreciation for Iamgold (NYSE:IAG) Stock

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective boosted by stock analysts at Raymond James Financial from $20.00 to $21.00 in a research note issued to investors on Friday, BayStreet reports. The brokerage presently has a “market perform” rating on the mining company’s stock. Raymond James Financial’s price objective would indicate a potential upside of 2.71% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Scotiabank upped their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada reduced their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Bank of America cut their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.33.

Iamgold Stock Performance

Shares of IAG traded down $0.49 during mid-day trading on Friday, reaching $20.45. The company’s stock had a trading volume of 1,377,288 shares, compared to its average volume of 6,963,574. Iamgold has a 1-year low of $9.55 and a 1-year high of $24.87. The business has a 50-day simple moving average of $17.01 and a two-hundred day simple moving average of $18.05. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The stock has a market cap of $11.68 billion, a P/E ratio of 10.32, a PEG ratio of 1.07 and a beta of 1.40.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The business had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. As a group, equities research analysts anticipate that Iamgold will post 1.92 earnings per share for the current fiscal year.

Institutional Trading of Iamgold

Institutional investors and hedge funds have recently bought and sold shares of the company. Walleye Capital LLC purchased a new position in shares of Iamgold during the second quarter worth approximately $12,969,000. Bank of America Corp DE raised its position in shares of Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after acquiring an additional 434,188 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Iamgold during the 2nd quarter worth $350,145,000. PenderFund Capital Management Ltd. bought a new stake in Iamgold during the second quarter valued at about $471,000. Finally, L1 Capital Pty Ltd raised its holdings in Iamgold by 961.5% in the fourth quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock worth $20,647,000 after purchasing an additional 1,134,119 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.