Bank of America Has Lowered Expectations for Iamgold (NYSE:IAG) Stock Price

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective dropped by equities researchers at Bank of America from $22.50 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Bank of America‘s target price indicates a potential upside of 39.56% from the stock’s previous close.

A number of other equities analysts have also issued reports on IAG. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.40.

Iamgold Price Performance

Iamgold stock opened at $15.05 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The firm has a market cap of $8.70 billion, a P/E ratio of 8.75, a P/E/G ratio of 0.77 and a beta of 1.30. The business’s fifty day moving average is $16.81 and its two-hundred day moving average is $18.43. Iamgold has a 52 week low of $6.69 and a 52 week high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $955.17 million. Equities research analysts forecast that Iamgold will post 2.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Rathbones Group PLC raised its position in shares of Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after acquiring an additional 418,861,592 shares during the period. FIL Ltd increased its stake in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares in the last quarter. Vanguard Group Inc. raised its holdings in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after purchasing an additional 1,068,465 shares during the period. Bank of America Corp DE raised its holdings in Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock worth $144,745,000 after purchasing an additional 1,581,064 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Iamgold by 46.9% during the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after purchasing an additional 3,567,399 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.