BMO Capital Markets Cuts IAMGOLD (NYSE:IAG) Price Target to $2.00

IAMGOLD (NYSE:IAGGet Rating) (TSE:IMG) had its target price reduced by BMO Capital Markets from $2.75 to $2.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the mining company’s stock. BMO Capital Markets’ price target suggests a potential upside of 53.85% from the company’s current price.

A number of other research firms have also recently weighed in on IAG. National Bank Financial dropped their price target on IAMGOLD from C$3.25 to C$2.25 in a report on Thursday, July 21st. Canaccord Genuity Group cut IAMGOLD from a “hold” rating to a “sell” rating in a report on Wednesday, May 4th. Credit Suisse Group cut IAMGOLD from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $3.50 to $2.50 in a report on Wednesday, May 4th. Canaccord Genuity Group cut IAMGOLD from a “hold” rating to a “sell” rating in a report on Wednesday, May 4th. Finally, TD Securities dropped their price target on IAMGOLD from C$6.50 to C$5.00 in a report on Thursday, May 5th. Six equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat, IAMGOLD has a consensus rating of “Reduce” and an average target price of $2.91.

IAMGOLD Price Performance

IAMGOLD stock opened at $1.30 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.07. The company has a market capitalization of $622.65 million, a PE ratio of -2.41, a price-to-earnings-growth ratio of 7.12 and a beta of 1.24. IAMGOLD has a one year low of $1.29 and a one year high of $3.77. The business has a 50 day simple moving average of $1.75 and a 200 day simple moving average of $2.52.

IAMGOLD (NYSE:IAGGet Rating) (TSE:IMG) last posted its earnings results on Tuesday, May 3rd. The mining company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. IAMGOLD had a positive return on equity of 1.83% and a negative net margin of 19.95%. The business had revenue of $356.60 million during the quarter. On average, sell-side analysts forecast that IAMGOLD will post 0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Polunin Capital Partners Ltd bought a new position in shares of IAMGOLD in the 4th quarter worth $31,851,000. American Century Companies Inc. boosted its position in shares of IAMGOLD by 294.5% in the 4th quarter. American Century Companies Inc. now owns 1,546,594 shares of the mining company’s stock worth $4,834,000 after purchasing an additional 1,154,548 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of IAMGOLD by 7.0% in the 4th quarter. CIBC Asset Management Inc now owns 417,338 shares of the mining company’s stock worth $1,299,000 after purchasing an additional 27,434 shares during the last quarter. Raymond James & Associates bought a new position in shares of IAMGOLD in the 4th quarter worth $102,000. Finally, Shell Asset Management Co. boosted its position in shares of IAMGOLD by 26.3% in the 4th quarter. Shell Asset Management Co. now owns 55,182 shares of the mining company’s stock worth $172,000 after purchasing an additional 11,500 shares during the last quarter. 49.21% of the stock is currently owned by institutional investors.

IAMGOLD Company Profile

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IAMGOLD Corporation, through its subsidiaries, explores, develops, and operates gold mining properties in North America, South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine situated in Burkina Faso and Boto gold project located in Senegal, West Africa; and Westwood mine, covers an area of 1,925 hectare and located in Quebec and the Côté gold project, which covers an area of 586 square kilometer located in Ontario, Canada.

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