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

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price target hoisted by Scotiabank from $6.75 to $7.50 in a research report report published on Monday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the mining company’s stock.

Several other research firms have also issued reports on IAG. Raymond James reissued a “market perform” rating and set a $8.00 target price on shares of IAMGOLD in a report on Friday, April 4th. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. CIBC restated an “outperform” rating on shares of IAMGOLD in a research report on Thursday, March 20th. Finally, National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, IAMGOLD has a consensus rating of “Moderate Buy” and an average price target of $7.57.

IAMGOLD Trading Up 0.8 %

IAG stock opened at $7.28 on Monday. IAMGOLD has a 52 week low of $3.44 and a 52 week high of $7.42. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The company’s 50-day simple moving average is $6.08 and its 200 day simple moving average is $5.68. The company has a market capitalization of $4.17 billion, a PE ratio of 5.02 and a beta of 1.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its earnings results on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.05). The business had revenue of $469.90 million for the quarter, compared to the consensus estimate of $498.68 million. IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. As a group, sell-side analysts anticipate that IAMGOLD will post 0.67 earnings per share for the current year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its position in IAMGOLD by 27.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock valued at $6,654,000 after buying an additional 277,000 shares in the last quarter. Cibc World Market Inc. lifted its stake in shares of IAMGOLD by 54.0% in the 4th quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock valued at $26,452,000 after acquiring an additional 1,795,869 shares during the last quarter. Triasima Portfolio Management inc. boosted its holdings in shares of IAMGOLD by 44.5% during the 4th quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock valued at $1,820,000 after acquiring an additional 108,524 shares in the last quarter. JPMorgan Chase & Co. grew its position in IAMGOLD by 66.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock worth $7,904,000 after acquiring an additional 604,259 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in IAMGOLD in the 3rd quarter worth about $1,083,000. 47.08% of the stock is owned by institutional investors.

IAMGOLD Company Profile

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.