Brokerages Set IAMGOLD Co. (NYSE:IAG) Target Price at $6.57

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) have been assigned an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $6.57.

Several equities research analysts recently commented on the company. Raymond James raised IAMGOLD from a “strong sell” rating to a “hold” rating in a report on Monday, February 3rd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and increased their price target for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. Finally, StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Thursday, February 6th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after acquiring an additional 4,267,084 shares during the period. Donald Smith & CO. Inc. boosted its position in shares of IAMGOLD by 0.7% during the fourth quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company’s stock worth $161,167,000 after buying an additional 216,751 shares during the period. RCF Management L.L.C. purchased a new position in shares of IAMGOLD during the fourth quarter worth $128,174,000. Vanguard Group Inc. boosted its position in shares of IAMGOLD by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 21,232,871 shares of the mining company’s stock worth $109,741,000 after buying an additional 321,458 shares during the period. Finally, Millennium Management LLC boosted its position in shares of IAMGOLD by 88.4% during the fourth quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company’s stock worth $53,307,000 after buying an additional 4,846,254 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

IAMGOLD Price Performance

NYSE:IAG opened at $6.38 on Friday. IAMGOLD has a one year low of $2.48 and a one year high of $6.69. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market cap of $3.64 billion, a PE ratio of 4.98 and a beta of 1.56. The stock has a 50 day moving average price of $5.72 and a 200 day moving average price of $5.36.

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.