Scotiabank Forecasts Strong Price Appreciation for Iamgold (NYSE:IAG) Stock

Key Points

• Scotiabank raised Iamgold’s price target to $23 from $22 while maintaining a “sector perform” rating, implying 25.71% potential upside from the stock’s $18.30 price.
• Analyst sentiment remains generally positive, with Iamgold holding a “Moderate Buy” consensus rating and an average price target of $19.20, though several firms recently lowered targets or ratings.
• Iamgold reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Institutional investors own 47.08% of the company.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG had its price target lifted by stock analysts at Scotiabank from $22.00 to $23.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the mining company's stock. Scotiabank's price target would indicate a potential upside of 25.71% from the stock's current price.

Several other analysts have also recently weighed in on IAG. Bank of America reduced their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Wall Street Zen cut shares of Iamgold from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings downgraded shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Finally, Royal Bank Of Canada reduced their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Iamgold currently has an average rating of "Moderate Buy" and an average target price of $19.20.

Iamgold Stock Up 0.7%

IAG stock traded up $0.14 during midday trading on Wednesday, hitting $18.30. The company's stock had a trading volume of 1,782,775 shares, compared to its average volume of 7,131,084. 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 has a 52-week low of $7.89 and a 52-week high of $24.87. The firm has a market capitalization of $10.51 billion, a P/E ratio of 9.26, a PEG ratio of 0.83 and a beta of 1.32. The firm has a 50-day simple moving average of $15.77 and a 200-day simple moving average of $18.08.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. The business had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, equities analysts forecast that Iamgold will post 1.96 EPS for the current year.

Institutional Trading of Iamgold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC purchased a new stake in shares of Iamgold during the 2nd quarter worth approximately $11,314,000. Callan Family Office LLC purchased a new position in shares of Iamgold in the 2nd quarter valued at $191,000. Donald Smith & CO. Inc. purchased a new position in shares of Iamgold in the 2nd quarter valued at $206,146,000. Ninepoint Partners LP purchased a new position in shares of Iamgold in the 2nd quarter valued at $6,429,000. Finally, E Fund Management Co. Ltd. acquired a new stake in Iamgold during the 2nd quarter worth $281,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Company Profile

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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