Iamgold (NYSE:IAG) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Iamgold (NYSE:IAG) (TSE:IMG) posted its earnings results on Tuesday. The mining company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.15, reports. Iamgold had a return on equity of 10.39% and a net margin of 15.39%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion.

Iamgold Trading Up 3.4%

IAG stock traded up $0.73 during midday trading on Thursday, reaching $22.00. The stock had a trading volume of 4,745,297 shares, compared to its average volume of 9,324,479. The firm has a market cap of $13.00 billion, a price-to-earnings ratio of 36.78, a PEG ratio of 0.26 and a beta of 1.36. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $18.41 and a two-hundred day simple moving average of $14.07. Iamgold has a twelve month low of $5.02 and a twelve month high of $22.50.

Analysts Set New Price Targets

A number of analysts recently issued reports on IAG shares. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a research report on Thursday. Scotiabank upped their target price on Iamgold to $23.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Iamgold presently has a consensus rating of “Moderate Buy” and an average price target of $17.25.

Institutional Trading of Iamgold

A number of hedge funds and other institutional investors have recently made changes to their positions in IAG. Royal Bank of Canada grew its position in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after acquiring an additional 84,939 shares during the period. Goldman Sachs Group Inc. raised its position in Iamgold by 6.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after purchasing an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Iamgold by 67.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock valued at $6,283,000 after buying an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after acquiring an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Iamgold by 16.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock valued at $3,899,000 after purchasing an additional 77,016 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.