Scotiabank Has Lowered Expectations for Iamgold (NYSE:IAG) Stock Price

Key Points

• Scotiabank lowered its price target on Iamgold from $25 to $22 while keeping a sector perform rating. The new target still implies upside from the previous close.
• Other analysts have also turned more cautious, including Zacks Research downgrading the stock to hold and Bank of America and RBC trimming their price targets. Overall, Iamgold now has a Moderate Buy consensus with an average target price of $19.
• Iamgold recently reported strong quarterly results, beating earnings and revenue estimates, even as the stock traded at $14.93 and remains well below its 52-week high of $24.87. Institutional ownership stands at about 47%.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG had its target price lowered by analysts at Scotiabank from $25.00 to $22.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the mining company's stock. Scotiabank's price target indicates a potential upside of 47.38% from the stock's previous close.

Several other equities analysts have also recently weighed in on the stock. Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Royal Bank Of Canada cut their price target 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. Finally, Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Iamgold has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Iamgold Price Performance

NYSE:IAG traded up $0.11 during trading hours on Tuesday, hitting $14.93. 3,192,803 shares of the stock traded hands, compared to its average volume of 7,346,654. The company has a market cap of $8.64 billion, a price-to-earnings ratio of 8.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30. Iamgold has a 1 year low of $6.69 and a 1 year high of $24.87. The stock has a 50 day moving average price of $16.73 and a 200 day moving average price of $18.38. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. Sell-side analysts forecast that Iamgold will post 2.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of large investors have recently added to or reduced their stakes in IAG. Banque Transatlantique SA purchased a new stake in shares of Iamgold during the 2nd quarter valued at $26,000. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold in the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC acquired a new position in Iamgold in the 4th quarter worth approximately $33,000. FNY Investment Advisers LLC purchased a new position in Iamgold during the 4th quarter worth approximately $38,000. Finally, Western Wealth Management LLC purchased a new position in Iamgold during the 1st quarter worth approximately $43,000. 47.08% of the stock is currently owned by institutional investors.

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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