Freedom Broker Has Lowered Expectations for Iamgold (NYSE:IAG) Stock Price

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

IAG has been the subject of several other reports. Raymond James Financial increased their price objective on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Friday, September 4th. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Royal Bank Of Canada upped their target price on Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target for the company. Finally, Bank of America decreased 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 research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.71.

Iamgold Stock Down 7.7%

NYSE:IAG traded down $1.38 during trading hours on Thursday, hitting $16.45. 5,892,757 shares of the stock traded hands, compared to its average volume of 6,600,113. The firm has a 50 day moving average price of $19.45 and a 200 day moving average price of $17.72. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Iamgold has a fifty-two week low of $10.87 and a fifty-two week high of $24.87. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 8.31, a PEG ratio of 1.32 and a beta of 1.41.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Equities research analysts anticipate that Iamgold will post 1.84 earnings per share for the current year.

Institutional Trading of Iamgold

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pin Oak Investment Advisors Inc. acquired a new stake in Iamgold during the second quarter valued at $28,000. Western Wealth Management LLC purchased a new position in Iamgold in the first quarter valued at about $43,000. EverSource Wealth Advisors LLC increased its position in Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after purchasing an additional 1,150 shares during the last quarter. IFP Advisors Inc increased its position in Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock worth $52,000 after purchasing an additional 813 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Iamgold in the 3rd quarter worth about $66,000. 47.08% of the stock is currently 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.