IAMGOLD (NYSE:IAG) Stock Price Expected to Rise, Scotiabank Analyst Says

IAMGOLD (NYSE:IAG) (TSE:IMG) had its target price lifted by stock analysts at Scotiabank from $7.50 to $7.75 in a report released on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price objective would indicate a potential upside of 23.11% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. CIBC upped their target price on shares of IAMGOLD from $8.40 to $9.20 and gave the company an “outperformer” rating in a report on Thursday. StockNews.com cut shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. BMO Capital Markets started coverage on shares of IAMGOLD in a report on Wednesday, April 16th. They set an “outperform” rating for the company. Finally, Raymond James restated a “market perform” rating and set a $8.00 target price on shares of IAMGOLD in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.74.

IAMGOLD Stock Down 10.2%

Shares of IAMGOLD stock traded down $0.72 during trading hours on Monday, reaching $6.30. 8,380,662 shares of the company were exchanged, compared to its average volume of 10,400,237. The firm has a market cap of $3.62 billion, a PE ratio of 4.34 and a beta of 1.20. The stock’s fifty day moving average is $6.53 and its 200 day moving average is $5.95. 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 1 year low of $3.44 and a 1 year high of $8.38.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.10. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The company had revenue of $457.23 million for the quarter, compared to analysts’ expectations of $578.70 million. As a group, equities research analysts forecast that IAMGOLD will post 0.67 earnings per share for the current year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds have recently modified their holdings of the stock. Donald Smith & CO. Inc. raised its holdings in IAMGOLD by 0.7% in the fourth quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company’s stock valued at $161,167,000 after buying an additional 216,751 shares during the period. RCF Management L.L.C. acquired a new position in shares of IAMGOLD during the fourth quarter worth $128,174,000. Vanguard Group Inc. lifted its position in shares of IAMGOLD by 1.7% during the first quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company’s stock worth $134,764,000 after purchasing an additional 361,608 shares in the last quarter. Millennium Management LLC lifted 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 purchasing an additional 4,846,254 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of IAMGOLD by 25.9% during the fourth quarter. American Century Companies Inc. now owns 10,162,314 shares of the mining company’s stock worth $52,499,000 after purchasing an additional 2,092,803 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.