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

IAMGOLD (NYSE:IAG) (TSE:IMG)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $6.00 price target on the mining company’s stock. Royal Bank of Canada’s target price indicates a potential downside of 4.76% from the company’s previous close.

Several other analysts also recently weighed in on IAG. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. StockNews.com upgraded shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday. CIBC upped their price objective on shares of IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a research note on Monday, August 12th. Finally, Scotiabank raised their target price on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, IAMGOLD has a consensus rating of “Hold” and a consensus price target of $4.98.

IAMGOLD Trading Up 2.4 %

NYSE:IAG traded up $0.15 during trading hours on Tuesday, reaching $6.30. The company’s stock had a trading volume of 1,654,155 shares, compared to its average volume of 9,134,969. The firm has a 50-day simple moving average of $5.12 and a 200-day simple moving average of $4.32. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34. IAMGOLD has a 1 year low of $2.11 and a 1 year high of $6.37. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 22.50 and a beta of 1.59.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.08 by $0.08. The firm had revenue of $385.30 million for the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same quarter in the prior year, the firm posted ($0.01) EPS. Research analysts expect that IAMGOLD will post 0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

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

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.