Scotiabank Issues Positive Forecast for Iamgold (NYSE:IAG) Stock Price

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective hoisted by Scotiabank to $25.00 in a research note released on Wednesday morning, Marketbeat reports. Scotiabank currently has a sector perform rating on the mining company’s stock.

Several other research analysts have also weighed in on IAG. TD Securities restated a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Wall Street Zen raised Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Trading Up 0.0%

Shares of IAG stock opened at $22.95 on Wednesday. The business’s fifty day moving average price is $19.08 and its 200 day moving average price is $14.60. Iamgold has a 1-year low of $5.02 and a 1-year high of $23.36. The firm has a market capitalization of $13.53 billion, a PE ratio of 19.96, a P/E/G ratio of 0.27 and a beta of 1.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. As a group, sell-side analysts forecast that Iamgold will post 0.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors have recently made changes to their positions in the stock. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Iamgold during the fourth quarter valued at $30,000. Tsfg LLC purchased a new position in Iamgold in the 3rd quarter valued at about $26,000. Global Retirement Partners LLC acquired a new stake in shares of Iamgold during the 4th quarter worth about $33,000. FNY Investment Advisers LLC purchased a new stake in shares of Iamgold during the fourth quarter worth about $38,000. Finally, LOM Asset Management Ltd acquired a new position in shares of Iamgold in the fourth quarter valued at approximately $49,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About Iamgold

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.