Iamgold (NYSE:IAG) Price Target Raised to $25.00

Iamgold (NYSE:IAG) (TSE:IMG) had its price target raised by Scotiabank to $25.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. Scotiabank currently has a sector perform rating on the mining company’s stock.

Other equities analysts also recently issued research reports about the stock. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. TD Securities reissued a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Wall Street Zen raised Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Iamgold currently has an average rating of “Moderate Buy” and an average price target of $17.75.

Iamgold Stock Up 3.3%

Shares of NYSE:IAG opened at $24.61 on Wednesday. The firm has a market capitalization of $14.51 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 0.28 and a beta of 1.36. Iamgold has a 1 year low of $5.02 and a 1 year high of $24.66. 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 firm’s 50-day moving average is $19.39 and its two-hundred day moving average is $14.78.

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 analysts’ consensus estimates of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Analysts predict that Iamgold will post 0.67 EPS for the current year.

Insider Buying and Selling at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $657,400. This represents a 60.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Iamgold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC grew its holdings in shares of Iamgold by 0.6% during the fourth quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock worth $1,814,000 after purchasing an additional 615 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in Iamgold by 1.9% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock worth $612,000 after buying an additional 700 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Iamgold by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock worth $2,849,000 after buying an additional 1,303 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in Iamgold by 0.4% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock valued at $5,716,000 after buying an additional 1,424 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Iamgold by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 32,011 shares of the mining company’s stock valued at $528,000 after buying an additional 1,474 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.