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

Key Points

• Scotiabank has raised the target price for Iamgold from $8.50 to $15.00, indicating a potential upside of 24.33% based on the current stock price and maintaining a "sector perform" rating.
• Several analysts have upgraded their ratings and target prices for Iamgold recently, with CIBC setting a target of $19.00 and Royal Bank of Canada raising it to $14.00.
• Iamgold's stock has shown significant trading activity, with its 52-week range between $4.89 and $14.67, and it reported quarterly earnings of $0.13 per share, missing estimates by $0.01.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG had its target price boosted by equities research analysts at Scotiabank from $8.50 to $15.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the mining company's stock. Scotiabank's target price suggests a potential upside of 24.33% from the company's current price.

Other research analysts have also recently issued reports about the stock. CIBC lifted their price objective on shares of Iamgold from $10.40 to $19.00 and gave the company an "outperformer" rating in a research note on Friday, October 10th. Raymond James Financial raised their target price on shares of Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a research report on Friday, October 10th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Iamgold in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $15.25.

Iamgold Stock Performance

Shares of IAG traded up $0.02 during mid-day trading on Thursday, hitting $12.07. 1,338,880 shares of the company's stock were exchanged, compared to its average volume of 14,187,900. Iamgold has a 52 week low of $4.89 and a 52 week high of $14.67. The stock's 50-day simple moving average is $11.16 and its 200-day simple moving average is $8.51. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 8.67, a price-to-earnings-growth ratio of 0.43 and a beta of 1.24. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The firm had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. On average, equities research analysts expect that Iamgold will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently modified their holdings of the business. Synergy Asset Management LLC lifted its holdings in shares of Iamgold by 332.5% during the third quarter. Synergy Asset Management LLC now owns 72,342 shares of the mining company's stock worth $935,000 after purchasing an additional 55,617 shares during the period. Golden State Equity Partners lifted its holdings in shares of Iamgold by 250.0% during the third quarter. Golden State Equity Partners now owns 70,000 shares of the mining company's stock worth $905,000 after purchasing an additional 50,000 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Iamgold by 33.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company's stock worth $45,318,000 after purchasing an additional 878,000 shares during the period. Euro Pacific Asset Management LLC lifted its holdings in shares of Iamgold by 18.3% during the third quarter. Euro Pacific Asset Management LLC now owns 1,473,557 shares of the mining company's stock worth $19,026,000 after purchasing an additional 228,077 shares during the period. Finally, L1 Capital Pty Ltd acquired a new position in shares of Iamgold during the second quarter worth $693,000. Institutional investors and hedge funds own 47.08% of the company's stock.

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.

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