IAMGOLD (NYSE:IAG) Price Target Raised to $7.75 at Scotiabank

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

Several other equities analysts also recently issued reports on IAG. BMO Capital Markets started coverage on shares of IAMGOLD in a report on Wednesday, April 16th. They set an “outperform” rating for the company. CIBC boosted their price target on shares of IAMGOLD from $8.40 to $9.20 and gave the company an “outperformer” rating in a report on Thursday. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. National Bank Financial raised shares of IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. Finally, Raymond James reissued a “market perform” rating and set a $8.00 price target on shares of IAMGOLD in a report on Friday, April 4th. Four analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and a consensus price target of $7.74.

IAMGOLD Stock Performance

IAG stock traded down $0.72 during trading on Monday, hitting $6.30. 8,380,662 shares of the company’s stock traded hands, compared to its average volume of 10,400,237. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. IAMGOLD has a 52 week low of $3.44 and a 52 week high of $8.38. The stock has a fifty day moving average price of $6.53 and a two-hundred day moving average price of $5.95. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 4.34 and a beta of 1.20.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The firm had revenue of $457.23 million during the quarter, compared to analyst estimates of $578.70 million. As a group, equities analysts anticipate that IAMGOLD will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in IAMGOLD by 27.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after buying an additional 277,000 shares during the period. Cibc World Market Inc. boosted its position in shares of IAMGOLD by 54.0% in the fourth 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 period. Triasima Portfolio Management inc. boosted its position in shares of IAMGOLD by 44.5% in the fourth 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 during the period. JPMorgan Chase & Co. boosted its position in shares of IAMGOLD by 66.6% in the third quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock valued at $7,904,000 after acquiring an additional 604,259 shares during the period. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of IAMGOLD in the fourth quarter valued at approximately $68,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.