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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has been given a consensus recommendation of “Moderate Buy” by the eleven research firms that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $10.13.

Several research firms have weighed in on IAG. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Saturday, September 27th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Royal Bank Of Canada raised Iamgold from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. CIBC reissued an “outperform” rating on shares of Iamgold in a research report on Tuesday, July 15th. Finally, National Bankshares reissued an “outperform” rating on shares of Iamgold in a report on Tuesday, June 24th.

Iamgold Stock Performance

Shares of IAG stock opened at $13.29 on Friday. The stock has a fifty day moving average price of $9.62 and a 200 day moving average price of $7.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The stock has a market cap of $7.64 billion, a PE ratio of 9.56, a P/E/G ratio of 0.45 and a beta of 1.24. Iamgold has a 1 year low of $4.44 and a 1 year high of $13.37.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Iamgold had a net margin of 40.61% and a return on equity of 8.54%. The firm had revenue of $587.21 million during the quarter, compared to analysts’ expectations of $663.21 million. Sell-side analysts forecast that Iamgold will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently modified their holdings of IAG. Parallel Advisors LLC raised its position in shares of Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after buying an additional 2,623 shares during the last quarter. Banque Transatlantique SA acquired a new position in Iamgold in the 2nd quarter valued at $26,000. Summit Securities Group LLC purchased a new position in shares of Iamgold during the 1st quarter worth $35,000. Tableaux LLC acquired a new stake in shares of Iamgold during the second quarter worth $61,000. Finally, Alpha Omega Wealth Management LLC acquired a new stake in shares of Iamgold during the first quarter worth $75,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About Iamgold

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.