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

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective raised by stock analysts at Scotiabank from $6.75 to $7.50 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price objective would suggest a potential upside of 0.74% from the company’s previous close.

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

IAMGOLD Price Performance

Shares of IAG opened at $7.45 on Monday. 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 firm has a market cap of $4.26 billion, a PE ratio of 5.13 and a beta of 1.52. IAMGOLD has a twelve month low of $3.44 and a twelve month high of $7.46. The firm’s 50 day moving average price is $6.10 and its 200 day moving average price is $5.69.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IAG. Allspring Global Investments Holdings LLC raised its stake in shares of IAMGOLD by 27.4% in the 4th 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. boosted 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 purchasing an additional 1,795,869 shares in the last quarter. Triasima Portfolio Management inc. grew its holdings in shares of IAMGOLD by 44.5% in the 4th quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock worth $1,820,000 after purchasing an additional 108,524 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 purchasing an additional 604,259 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in IAMGOLD in the third quarter valued at about $1,083,000. 47.08% of the stock is currently 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.