Raymond James Has Lowered Expectations for IAMGOLD (NYSE:IAG) Stock Price

IAMGOLD (NYSE:IAG) (TSE:IMG) had its target price reduced by Raymond James from $6.50 to $6.00 in a report released on Wednesday morning,Benzinga reports. They currently have 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. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. StockNews.com lowered IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and boosted their price target for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating 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 assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IAMGOLD has an average rating of “Moderate Buy” and an average price target of $6.57.

IAMGOLD Trading Up 0.9 %

Shares of IAG opened at $5.39 on Wednesday. The stock has a fifty day moving average price of $5.39 and a two-hundred day moving average price of $5.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. IAMGOLD has a 52-week low of $2.23 and a 52-week high of $6.37. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 4.21 and a beta of 1.56.

Hedge Funds Weigh In On IAMGOLD

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in shares of IAMGOLD by 368.1% in the third quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock valued at $7,772,000 after purchasing an additional 1,196,564 shares during the last quarter. Semanteon Capital Management LP acquired a new stake in IAMGOLD during the third quarter worth approximately $503,000. Connor Clark & Lunn Investment Management Ltd. grew its position in IAMGOLD by 158.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after buying an additional 2,839,556 shares in the last quarter. Van ECK Associates Corp grew its position in 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 buying an additional 4,267,084 shares in the last quarter. Finally, U S Global Investors Inc. grew its position in IAMGOLD by 241.6% during the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after buying an additional 604,114 shares in 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.