IAMGOLD (NYSE:IAG) Price Target Raised to $3.75

IAMGOLD (NYSE:IAG) (TSE:IMG) had its target price hoisted by Scotiabank from $3.25 to $3.75 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s target price would suggest a potential upside of 1.63% from the stock’s current price.

A number of other brokerages have also recently commented on IAG. CIBC raised their price target on shares of IAMGOLD from $3.00 to $3.10 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. National Bank Financial reiterated a “sector perform spec overwgt” rating on shares of IAMGOLD in a research report on Monday, April 8th. BMO Capital Markets lifted their price objective on IAMGOLD from $4.00 to $4.25 and gave the company an “outperform” rating in a report on Friday, April 5th. Finally, StockNews.com lowered shares of IAMGOLD from a “hold” rating to a “sell” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.55.

IAMGOLD Stock Performance

NYSE IAG traded up $0.03 during trading on Thursday, hitting $3.69. The company’s stock had a trading volume of 1,214,829 shares, compared to its average volume of 8,852,056. IAMGOLD has a 52 week low of $1.99 and a 52 week high of $3.92. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1.83 billion, a P/E ratio of 19.32, a price-to-earnings-growth ratio of 1.22 and a beta of 1.70. The firm has a 50 day moving average price of $3.05 and a 200 day moving average price of $2.64.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, February 15th. The mining company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.04. IAMGOLD had a net margin of 9.55% and a return on equity of 1.97%. The firm had revenue of $297.60 million for the quarter. Equities research analysts forecast that IAMGOLD will post 0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of IAMGOLD by 416.9% in the first quarter. JPMorgan Chase & Co. now owns 2,430,863 shares of the mining company’s stock valued at $8,459,000 after acquiring an additional 1,960,562 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in IAMGOLD by 2.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 488,427 shares of the mining company’s stock worth $1,700,000 after acquiring an additional 11,047 shares in the last quarter. Private Advisor Group LLC acquired a new stake in IAMGOLD in the first quarter valued at $41,000. Citigroup Inc. acquired a new position in shares of IAMGOLD during the 1st quarter worth about $31,000. Finally, Great West Life Assurance Co. Can raised its holdings in shares of IAMGOLD by 23.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 36,927 shares of the mining company’s stock valued at $137,000 after purchasing an additional 6,913 shares during the period. 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.