Iamgold Corporation (NYSE:IAG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have received an average rating of “Moderate Buy” from the nine analysts that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $19.00.

Several equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Royal Bank Of Canada dropped their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Scotiabank cut their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th.

Institutional Investors Weigh In On Iamgold

Hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC bought a new position in Iamgold in the 2nd quarter worth approximately $95,000. Empowered Funds LLC bought a new stake in Iamgold during the 1st quarter valued at $531,000. Western Wealth Management LLC bought a new stake in Iamgold during the 1st quarter valued at $43,000. Bank of America Corp DE raised its stake in Iamgold by 4.7% during the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after acquiring an additional 434,188 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Iamgold during the 1st quarter worth $13,056,000. Institutional investors own 47.08% of the company’s stock.

Iamgold Stock Down 3.1%

Shares of Iamgold stock opened at $14.67 on Friday. The stock has a market capitalization of $8.43 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 0.67 and a beta of 1.30. Iamgold has a twelve month low of $6.69 and a twelve month 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 business’s 50 day simple moving average is $16.13 and its 200-day simple moving average is $18.26.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $955.17 million. Equities research analysts forecast that Iamgold will post 1.98 earnings per share for the current 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.