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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has been given a consensus recommendation of “Buy” by the ten analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $15.25.

IAG has been the topic of a number of recent analyst reports. Stifel Canada raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Raymond James Financial raised their price objective on Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. CIBC boosted their target price on Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Finally, Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently modified their holdings of the business. Van ECK Associates Corp raised its position in Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after purchasing an additional 13,691,148 shares during the last quarter. Vanguard Group Inc. grew its position in Iamgold by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,767,691 shares of the mining company’s stock worth $294,151,000 after purchasing an additional 778,680 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Iamgold by 12.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock valued at $154,046,000 after purchasing an additional 2,302,527 shares during the period. Bank of America Corp DE increased its stake in Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock valued at $144,745,000 after purchasing an additional 1,581,064 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in shares of Iamgold by 46.9% in the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock valued at $144,430,000 after buying an additional 3,567,399 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Price Performance

IAG stock opened at $16.24 on Monday. The business has a 50 day moving average price of $14.62 and a 200 day moving average price of $11.29. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. The stock 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 has a fifty-two week low of $5.02 and a fifty-two week high of $17.91.

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

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.