IAMGOLD (NYSE:IAG) Price Target Cut to $6.00 by Analysts at Raymond James

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective lowered by Raymond James from $6.50 to $6.00 in a research note released on Wednesday,Benzinga reports. Raymond James currently has an underperform rating on the mining company’s stock. Raymond James also issued estimates for IAMGOLD’s FY2024 earnings at $0.63 EPS.

A number of other equities research analysts also recently weighed in on the company. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price objective on shares of IAMGOLD in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.57.

IAMGOLD Trading Up 0.9 %

NYSE:IAG opened at $5.39 on Wednesday. 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 has a 1-year low of $2.23 and a 1-year high of $6.37. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 4.21 and a beta of 1.56. The stock has a fifty day simple moving average of $5.39 and a 200 day simple moving average of $5.02.

Hedge Funds Weigh In On IAMGOLD

Hedge funds and other institutional investors have recently modified their holdings of the stock. ORG Partners LLC bought a new position in shares of IAMGOLD during the 3rd quarter worth approximately $29,000. Eastern Bank bought a new position in shares of IAMGOLD during the 3rd quarter worth approximately $30,000. International Assets Investment Management LLC bought a new position in shares of IAMGOLD during the 3rd quarter worth approximately $700,000. WINTON GROUP Ltd bought a new position in shares of IAMGOLD during the 2nd quarter worth approximately $52,000. Finally, Flow Traders U.S. LLC bought a new position in shares of IAMGOLD during the 3rd quarter worth approximately $93,000. 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.