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

Iamgold (NYSE:IAG) (TSE:IMG) had its price target raised by investment analysts at Scotiabank to $25.00 in a report released on Wednesday, Marketbeat reports. The brokerage presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s target price would indicate a potential upside of 4.78% from the company’s previous close.

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

Iamgold Trading Up 3.8%

Shares of NYSE:IAG opened at $23.86 on Wednesday. The business’s 50 day simple moving average is $19.23 and its 200 day simple moving average is $14.66. Iamgold has a 1 year low of $5.02 and a 1 year high of $23.98. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The company has a market capitalization of $14.07 billion, a P/E ratio of 20.75, a P/E/G ratio of 0.27 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.15. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. On average, research analysts anticipate that Iamgold will post 0.67 EPS for the current fiscal year.

Institutional Trading of Iamgold

Hedge funds have recently added to or reduced their stakes in the stock. Tsfg LLC acquired a new position in shares of Iamgold during the third quarter worth $26,000. Banque Transatlantique SA bought a new stake in Iamgold during the 2nd quarter worth $26,000. Pin Oak Investment Advisors Inc. acquired a new position in Iamgold in the 4th quarter worth about $30,000. Global Retirement Partners LLC acquired a new position in Iamgold in the 4th quarter worth about $33,000. Finally, FNY Investment Advisers LLC bought a new position in Iamgold in the fourth quarter valued at about $38,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.