Scotiabank Lowers Iamgold (NYSE:IAG) Price Target to $22.00

Iamgold (NYSE:IAG) (TSE:IMG) had its price target lowered by investment analysts at Scotiabank from $25.00 to $22.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s target price would indicate a potential upside of 47.38% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Iamgold has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Iamgold Stock Performance

IAG stock traded up $0.11 during trading on Tuesday, hitting $14.93. 3,192,803 shares of the company traded hands, compared to its average volume of 7,346,654. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The company has a market cap of $8.64 billion, a PE ratio of 8.68, a P/E/G ratio of 0.65 and a beta of 1.30. The stock’s 50-day simple moving average is $16.73 and its 200 day simple moving average is $18.38. Iamgold has a 1 year low of $6.69 and a 1 year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, equities analysts expect that Iamgold will post 2.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently made changes to their positions in the stock. Rathbones Group PLC increased its holdings in 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 purchasing an additional 418,861,592 shares during the last quarter. FIL Ltd boosted its position in shares of Iamgold by 124.0% during the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after buying an additional 20,134,496 shares during the period. Vanguard Group Inc. grew its position in Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after acquiring an additional 1,068,465 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of 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 valued at $144,745,000 after purchasing an additional 1,581,064 shares in the last quarter. Finally, Ninety One UK Ltd grew its stake in shares of Iamgold by 22.3% in the fourth quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock worth $84,835,000 after acquiring an additional 938,855 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

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.