Iamgold (NYSE:IAG) Price Target Cut to $21.00 by Analysts at Bank of America

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective dropped by stock analysts at Bank of America from $22.50 to $21.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. Bank of America‘s price objective would indicate a potential upside of 39.56% from the company’s previous close.

IAG has been the topic of several other research reports. Weiss Ratings cut Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Iamgold has a consensus rating of “Moderate Buy” and a consensus price target of $18.40.

Iamgold Stock Performance

Shares of IAG opened at $15.05 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. Iamgold has a twelve month low of $6.69 and a twelve month high of $24.87. The firm’s 50 day moving average price is $16.81 and its two-hundred day moving average price is $18.43. The firm has a market cap of $8.70 billion, a P/E ratio of 8.75, a PEG ratio of 0.77 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. On average, analysts forecast that Iamgold will post 2.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake in Iamgold by 11.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,917,300 shares of the mining company’s stock valued at $64,645,000 after acquiring an additional 408,800 shares during the last quarter. Rathbones Group PLC increased its stake in shares of Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after purchasing an additional 418,861,592 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Iamgold in the 3rd quarter valued at about $1,061,000. Ninety One UK Ltd raised its holdings in shares of Iamgold by 22.3% in the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock valued at $84,835,000 after purchasing an additional 938,855 shares during the period. Finally, Wealth High Governance Capital Ltda acquired a new stake in Iamgold in the 3rd quarter valued at about $7,758,000. Institutional investors own 47.08% of the company’s stock.

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.