Iamgold Corporation (NYSE:IAG) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have received an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $21.8333.

IAG has been the topic of a number of recent research reports. Bank of America dropped their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Scotiabank boosted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Iamgold in a report on Friday, September 4th. Royal Bank Of Canada increased their target price on Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on Iamgold in a report on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target on the stock.

Iamgold Stock Performance

Shares of Iamgold stock opened at $20.42 on Friday. The firm has a market cap of $11.62 billion, a P/E ratio of 10.31, a P/E/G ratio of 1.07 and a beta of 1.40. 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 12 month low of $10.87 and a 12 month high of $24.87. The stock’s fifty day moving average price is $17.95 and its 200-day moving average price is $17.89.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting 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 net margin of 31.40% and a return on equity of 28.97%. On average, equities research analysts expect that Iamgold will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Iamgold by 1.9% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock valued at $612,000 after buying an additional 700 shares during the last quarter. Sigma Planning Corp grew its position in shares of Iamgold by 1.9% in the 2nd quarter. Sigma Planning Corp now owns 41,660 shares of the mining company’s stock worth $660,000 after buying an additional 765 shares during the last quarter. IFP Advisors Inc grew its position in shares of 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 buying an additional 813 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. bought a new position in shares of Iamgold during the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.