Wall Street Zen Upgrades Iamgold (NYSE:IAG) to “Strong-Buy”

Iamgold (NYSE:IAG) (TSE:IMG) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

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

Iamgold Stock Performance

IAG opened at $22.24 on Friday. The company has a market capitalization of $13.15 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 0.27 and a beta of 1.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 0.95. Iamgold has a 1-year low of $5.02 and a 1-year high of $23.06. The business has a 50 day moving average price of $18.66 and a two-hundred day moving average price of $14.23.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. Research analysts predict that Iamgold will post 0.67 EPS for the current fiscal year.

Institutional Trading of Iamgold

Several institutional investors have recently made changes to their positions in the stock. Voloridge Investment Management LLC increased its stake in Iamgold by 261.8% in the 4th quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company’s stock valued at $57,756,000 after buying an additional 2,534,395 shares during the period. SummitTX Capital L.P. purchased a new position in shares of Iamgold during the 4th quarter valued at $195,000. Oxford Asset Management LLP acquired a new position in shares of Iamgold in the fourth quarter worth $855,000. Orion Resource Partners LP raised its holdings in shares of Iamgold by 5.4% during the fourth quarter. Orion Resource Partners LP now owns 124,438 shares of the mining company’s stock worth $2,054,000 after acquiring an additional 6,375 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Iamgold by 4.4% during the fourth quarter. Millennium Management LLC now owns 3,300,768 shares of the mining company’s stock valued at $54,432,000 after purchasing an additional 137,691 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.