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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $17.75.

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th.

Iamgold Trading Up 0.0%

IAG opened at $15.88 on Monday. The company’s 50 day moving average is $17.09 and its 200-day moving average is $18.42. Iamgold has a 1-year low of $6.69 and a 1-year high of $24.87. 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 company has a market cap of $9.18 billion, a P/E ratio of 9.23, a PEG ratio of 0.76 and a beta of 1.25.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results 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 company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Equities research analysts predict that Iamgold will post 2.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently added to or reduced their stakes in IAG. Rathbones Group PLC boosted its position in Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd lifted its position in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after purchasing an additional 20,134,496 shares during the period. Van ECK Associates Corp lifted its position in shares of Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after purchasing an additional 13,691,148 shares during the period. CI Investments Inc. acquired a new position in shares of Iamgold in the 3rd quarter worth approximately $96,747,000. Finally, Mackenzie Financial Corp lifted its position in shares of Iamgold by 46.9% in the 3rd quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after purchasing an additional 3,567,399 shares during the period. 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.