Scotiabank Cuts Iamgold (NYSE:IAG) Price Target to $22.00

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective reduced by Scotiabank from $25.00 to $22.00 in a report released on Tuesday morning, Marketbeat reports. They currently have a sector perform rating on the mining company’s stock.

A number of other research analysts also recently issued reports on IAG. Bank of America decreased their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada dropped their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One equities research 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Iamgold Trading Down 5.4%

NYSE IAG opened at $14.18 on Tuesday. Iamgold has a 1 year low of $6.69 and a 1 year high of $24.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The company has a market capitalization of $8.14 billion, a PE ratio of 8.24, a P/E/G ratio of 0.64 and a beta of 1.30. The company has a fifty day moving average of $16.55 and a 200 day moving average of $18.33.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly 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. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Research analysts forecast that Iamgold will post 2.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold in the 4th quarter worth $30,000. Global Retirement Partners LLC purchased a new position in Iamgold during the fourth quarter valued at $33,000. Western Wealth Management LLC acquired a new stake in shares of Iamgold in the first quarter valued at about $43,000. FNY Investment Advisers LLC acquired a new stake in shares of Iamgold in the fourth quarter valued at about $38,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Iamgold by 73.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after purchasing an additional 1,150 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.