Iamgold (NYSE:IAG) Stock Price Target Lowered at Freedom Broker

Iamgold (NYSE:IAG) (TSE:IMG) had its price objective dropped by equities researchers at Freedom Broker from $23.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the mining company’s stock. Freedom Broker‘s target price would indicate a potential upside of 33.78% from the stock’s current price.

A number of other equities research analysts have also issued reports on IAG. Canadian Imperial Bank of Commerce set a $25.00 target price on shares of Iamgold in a research note on Friday, October 16th. Zacks Research cut shares of Iamgold from a “hold” rating to a “strong sell” rating in a report on Tuesday. Raymond James Financial boosted their price target on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Weiss Ratings upgraded shares of Iamgold from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Bank of America cut their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.71.

Iamgold Trading Down 7.7%

Shares of NYSE IAG traded down $1.38 during trading on Thursday, hitting $16.45. 5,892,757 shares of the company traded hands, compared to its average volume of 6,600,113. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $9.36 billion, a P/E ratio of 8.31, a P/E/G ratio of 1.32 and a beta of 1.41. The company has a 50-day moving average price of $19.45 and a 200-day moving average price of $17.72. Iamgold has a 1 year low of $10.87 and a 1 year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The business had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. On average, equities analysts predict that Iamgold will post 1.84 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after purchasing an additional 985,939 shares in the last quarter. BlackRock Inc. acquired a new stake in Iamgold during the 2nd quarter worth about $350,145,000. Donald Smith & CO. Inc. acquired a new stake in Iamgold during the 2nd quarter worth about $206,146,000. Bank of America Corp DE lifted its stake in Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after buying an additional 434,188 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Iamgold during the second quarter valued at about $158,877,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD’s principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.