Iamgold (NYSE:IAG) Price Target Raised to $23.00

by · The Markets Daily

Iamgold (NYSE:IAG – Free Report) (TSE:IMG) had its price objective hoisted by Scotiabank from $22.00 to $23.00 in a research report released on Wednesday morning, MarketBeat Ratings reports. Scotiabank currently has a sector perform rating on the mining company’s stock.

Other analysts also recently issued research reports about the company. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada decreased their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Finally, Wall Street Zen downgraded shares of Iamgold from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One investment 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Get Our Latest Report on Iamgold

Iamgold Trading Up 3.1%

Shares of IAG stock opened at $18.30 on Wednesday. Iamgold has a fifty-two week low of $7.89 and a fifty-two week high of $24.87. The firm’s 50 day moving average price is $15.87 and its two-hundred day moving average price is $18.05. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 9.24, a price-to-earnings-growth ratio of 0.94 and a beta of 1.32. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10.

Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The firm had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. On average, analysts anticipate that Iamgold will post 1.91 EPS for the current year.

Institutional Trading of Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Pin Oak Investment Advisors Inc. bought a new stake in shares of Iamgold in the 4th quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new stake in shares of Iamgold in the 4th quarter valued at approximately $33,000. Western Wealth Management LLC acquired a new position in shares of Iamgold in the 1st quarter valued at approximately $43,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Iamgold by 73.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,150 shares in the last quarter. Finally, LOM Asset Management Ltd bought a new position in shares of Iamgold during the 4th quarter worth approximately $49,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Iamgold

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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.

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