Raymond James Lowers IAMGOLD (NYSE:IAG) Price Target to $6.00

IAMGOLD (NYSE:IAG) (TSE:IMG) had its target price decreased by analysts at Raymond James from $6.50 to $6.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the mining company’s stock. Raymond James’ price target would suggest a potential upside of 9.99% from the stock’s previous close. Raymond James also issued estimates for IAMGOLD’s FY2024 earnings at $0.63 EPS.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price objective on shares of IAMGOLD in a research report on Tuesday, October 22nd. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and lifted their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Stock Performance

Shares of IAG stock opened at $5.46 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. IAMGOLD has a one year low of $2.23 and a one year high of $6.37. The business’s 50 day simple moving average is $5.39 and its 200 day simple moving average is $5.02. The stock has a market capitalization of $3.12 billion, a PE ratio of 4.26 and a beta of 1.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Van ECK Associates Corp raised its position in shares of IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after purchasing an additional 4,267,084 shares during the period. Two Sigma Advisers LP increased its stake in IAMGOLD by 58.8% during the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. FMR LLC raised its holdings in IAMGOLD by 107.9% during the third quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after buying an additional 4,577,599 shares during the last quarter. Millennium Management LLC raised its holdings 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 buying an additional 5,204,715 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake 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 valued at $21,423,000 after buying an additional 1,270,608 shares in the last quarter. 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.