IAMGOLD (NYSE:IAG) Given New $8.40 Price Target at CIBC

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price target lifted by CIBC from $7.60 to $8.40 in a research note released on Thursday, Marketbeat.com reports. CIBC currently has an outperformer rating on the mining company’s stock.

IAG has been the subject of a number of other research reports. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Finally, Raymond James raised shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and an average target price of $6.90.

IAMGOLD Trading Up 1.6 %

Shares of IAG stock opened at $6.22 on Thursday. The stock has a 50-day simple moving average of $5.92 and a 200 day simple moving average of $5.53. The stock has a market capitalization of $3.56 billion, a P/E ratio of 4.29 and a beta of 1.63. IAMGOLD has a fifty-two week low of $2.94 and a fifty-two week high of $6.69. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Thursday, February 20th. The mining company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.05). IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. The business had revenue of $469.90 million during the quarter, compared to analyst estimates of $498.68 million. On average, sell-side analysts expect that IAMGOLD will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

A number of large investors have recently made changes to their positions in IAG. PKO Investment Management Joint Stock Co purchased a new position in IAMGOLD during the fourth quarter valued at approximately $1,241,000. Polar Asset Management Partners Inc. acquired a new stake in shares of IAMGOLD during the 4th quarter valued at $5,832,000. Mackenzie Financial Corp increased its stake in shares of IAMGOLD by 7.1% in the fourth quarter. Mackenzie Financial Corp now owns 5,123,756 shares of the mining company’s stock worth $26,456,000 after acquiring an additional 338,297 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of IAMGOLD by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company’s stock worth $3,099,000 after acquiring an additional 5,053 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its position in IAMGOLD by 5.3% during the fourth quarter. Voloridge Investment Management LLC now owns 1,520,218 shares of the mining company’s stock valued at $7,844,000 after purchasing an additional 76,856 shares during the last quarter. Institutional investors and hedge funds 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.