Iamgold Corporation (NYSE:IAG) Receives $17.25 Average Price Target from Brokerages

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been given an average recommendation of “Moderate Buy” by the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $17.25.

Several brokerages recently weighed in on IAG. CIBC reaffirmed an “outperform” rating on shares of Iamgold in a research report on Wednesday. Scotiabank raised their target price on Iamgold to $23.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. Stifel Nicolaus raised Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th.

Hedge Funds Weigh In On Iamgold

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Iamgold by 14.0% during the first 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 last quarter. Goldman Sachs Group Inc. grew its stake in Iamgold by 6.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after purchasing an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Iamgold by 67.4% during 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 purchasing an additional 404,645 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Iamgold by 9.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 219,149 shares of the mining company’s stock worth $1,611,000 after purchasing an additional 19,588 shares during the period. Finally, Euro Pacific Asset Management LLC boosted its holdings in shares of Iamgold by 8.7% in the 2nd quarter. Euro Pacific Asset Management LLC now owns 1,245,480 shares of the mining company’s stock worth $9,154,000 after buying an additional 100,117 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Trading Down 6.5%

Shares of Iamgold stock opened at $17.95 on Friday. The stock has a market capitalization of $10.61 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 0.25 and a beta of 1.36. Iamgold has a 52 week low of $5.02 and a 52 week high of $22.43. The stock has a 50 day moving average price of $17.34 and a two-hundred day moving average price of $13.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a return on equity of 10.39% and a net margin of 15.39%.The company had revenue of $714.61 million for the quarter, compared to analysts’ expectations of $759.45 million. As a group, equities analysts anticipate that Iamgold will post 0.67 earnings per share for the current fiscal year.

Iamgold Company Profile

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.