Iamgold Corporation (NYSE:IAG) Receives Average Recommendation of “Buy” from Analysts

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have earned a consensus rating of “Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $15.25.

A number of brokerages have issued reports on IAG. CIBC raised their target price on Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial upped their price objective on shares of Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Stifel Canada raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Zacks Research upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, December 22nd. Finally, Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th.

Iamgold Stock Down 1.5%

IAG stock opened at $16.24 on Monday. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $14.62 and a two-hundred day moving average of $11.29. Iamgold has a 12 month low of $5.02 and a 12 month high of $17.91. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 0.24 and a beta of 1.38.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating 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 business had revenue of $714.61 million during the quarter, compared to analyst estimates of $759.45 million. As a group, analysts forecast that Iamgold will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Mackenzie Financial Corp raised its holdings in shares of Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after purchasing an additional 4,928,077 shares in the last quarter. Waratah Capital Advisors Ltd. acquired a new position in shares of Iamgold during the second quarter worth $1,868,000. Dynamic Technology Lab Private Ltd purchased a new position in Iamgold in the second quarter valued at $550,000. U S Global Investors Inc. raised its stake in Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company’s stock valued at $3,675,000 after buying an additional 300,000 shares in the last quarter. Finally, Mudita Advisors LLP raised its stake in Iamgold by 41.1% in the first quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company’s stock valued at $13,002,000 after buying an additional 606,795 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.