IAMGOLD (NYSE:IAG) Receives Sector Perform Rating from Royal Bank of Canada

IAMGOLD (NYSE:IAG) (TSE:IMG)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $6.00 target price on the mining company’s stock. Royal Bank of Canada’s price target points to a potential upside of 0.93% from the stock’s previous close.

A number of other research firms also recently commented on IAG. CIBC boosted their price objective on IAMGOLD from $4.90 to $5.40 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and upped their price target for the company from $7.75 to $10.50 in a report on Tuesday. National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Scotiabank raised their target price on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $6.07.

IAMGOLD Stock Performance

Shares of IAG opened at $5.95 on Tuesday. The firm has a market capitalization of $3.38 billion, a PE ratio of 21.23 and a beta of 1.59. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $5.17 and a 200 day moving average price of $4.35. IAMGOLD has a 52-week low of $2.11 and a 52-week high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. The business had revenue of $385.30 million during the quarter. During the same quarter last year, the business earned ($0.01) earnings per share. On average, sell-side analysts anticipate that IAMGOLD will post 0.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Helikon Investments Ltd lifted its position in shares of IAMGOLD by 250.5% in the 1st quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company’s stock valued at $109,429,000 after acquiring an additional 23,485,183 shares in the last quarter. Millennium Management LLC raised its stake in IAMGOLD by 194.2% during the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after purchasing an additional 5,204,715 shares during the period. Van ECK Associates Corp lifted its holdings in shares of IAMGOLD by 8.2% in the first quarter. Van ECK Associates Corp now owns 52,053,035 shares of the mining company’s stock valued at $173,340,000 after purchasing an additional 3,935,250 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of IAMGOLD by 133.8% in the second quarter. Mackenzie Financial Corp now owns 2,992,780 shares of the mining company’s stock worth $11,246,000 after buying an additional 1,712,640 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of IAMGOLD by 28.6% in the second quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock worth $21,423,000 after buying an additional 1,270,608 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.