IAMGOLD (NYSE:IAG) Given New $5.50 Price Target at Scotiabank

IAMGOLD (NYSE:IAG) (TSE:IMG) had its price objective upped by stock analysts at Scotiabank from $4.75 to $5.50 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the mining company’s stock. Scotiabank’s price target indicates a potential upside of 7.42% from the stock’s current price.

IAG has been the topic of several other research reports. CIBC increased their price target on shares of IAMGOLD from $4.90 to $5.40 and gave the stock a “neutral” rating in a report on Monday, August 12th. BMO Capital Markets restated an “outperform” rating and issued a $5.00 price objective on shares of IAMGOLD in a research report on Thursday, June 6th. Finally, StockNews.com upgraded IAMGOLD from a “sell” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.33.

IAMGOLD Stock Up 0.8 %

Shares of IAG traded up $0.04 during mid-day trading on Monday, hitting $5.12. 3,862,580 shares of the company traded hands, compared to its average volume of 9,209,102. IAMGOLD has a 1-year low of $1.99 and a 1-year high of $5.16. The company has a quick ratio of 0.55, a current ratio of 0.91 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $2.91 billion, a PE ratio of 18.29 and a beta of 1.56. The business has a 50 day moving average of $3.98 and a 200 day moving average of $3.58.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. IAMGOLD had a net margin of 12.48% and a return on equity of 3.17%. The firm had revenue of $385.30 million for the quarter. During the same quarter last year, the company earned ($0.01) EPS. Equities research analysts anticipate that IAMGOLD will post 0.33 EPS for the current year.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in IAMGOLD by 3.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock valued at $1,154,000 after acquiring an additional 8,972 shares during the period. Continuum Advisory LLC boosted its stake in shares of IAMGOLD by 92.9% in the 2nd quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock valued at $77,000 after buying an additional 9,850 shares during the period. TIAA Trust National Association purchased a new position in shares of IAMGOLD in the 2nd quarter valued at about $38,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of IAMGOLD in the 4th quarter valued at about $26,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of IAMGOLD in the 4th quarter valued at about $29,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

About IAMGOLD

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.