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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have earned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $17.75.

Several brokerages have commented on IAG. Scotiabank raised their price target on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. TD Securities reissued a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th.

Iamgold Stock Down 3.7%

Iamgold stock opened at $16.84 on Thursday. Iamgold has a 1-year low of $6.69 and a 1-year high of $24.87. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 9.79, a P/E/G ratio of 0.84 and a beta of 1.25. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The firm has a 50 day simple moving average of $17.95 and a 200 day simple moving average of $18.19.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $955.17 million. On average, analysts predict that Iamgold will post 2.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in Iamgold by 14.0% in the first quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after purchasing an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after purchasing an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Iamgold by 67.4% in the first 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 worth $6,283,000 after purchasing an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Iamgold by 64.1% in the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after purchasing an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Iamgold by 16.9% in the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock worth $3,899,000 after purchasing an additional 77,016 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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.