Iamgold Corporation (NYSE:IAG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has received a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $8.29.

IAG has been the subject of several research reports. National Bank Financial upgraded Iamgold to a “strong-buy” rating in a report on Friday, March 21st. BMO Capital Markets assumed coverage on Iamgold in a research report on Wednesday, April 16th. They set an “outperform” rating on the stock. Raymond James Financial reissued a “market perform” rating and set a $8.00 price target on shares of Iamgold in a research report on Friday, April 4th. CIBC increased their price target on Iamgold from $8.40 to $9.20 and gave the stock an “outperformer” rating in a research report on Thursday, May 8th. Finally, Wall Street Zen downgraded Iamgold from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th.

Institutional Investors Weigh In On Iamgold

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in Iamgold by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock valued at $187,000 after purchasing an additional 1,836 shares in the last quarter. CIBC Asset Management Inc boosted its position in Iamgold by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock valued at $3,615,000 after purchasing an additional 2,848 shares in the last quarter. Hsbc Holdings PLC boosted its position in Iamgold by 17.8% during the first quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company’s stock valued at $125,000 after purchasing an additional 3,020 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Iamgold by 12.7% during the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock valued at $181,000 after purchasing an additional 3,961 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its position in Iamgold by 4.6% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 91,623 shares of the mining company’s stock valued at $473,000 after purchasing an additional 4,013 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Price Performance

IAG opened at $7.62 on Thursday. The business has a fifty day moving average of $7.11 and a 200 day moving average of $6.28. Iamgold has a 52-week low of $3.44 and a 52-week high of $8.38. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.29. The stock has a market cap of $4.38 billion, a P/E ratio of 5.40 and a beta of 1.15.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.10. Iamgold had a return on equity of 9.26% and a net margin of 45.42%. The company had revenue of $457.23 million during the quarter, compared to analysts’ expectations of $578.70 million. As a group, sell-side analysts anticipate that Iamgold will post 0.67 EPS for the current year.

Iamgold Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.