Iamgold (NYSE:IAG) Stock Rated Buy in New Coverage at Freedom Broker

Freedom Broker initiated coverage on shares of Iamgold (NYSE:IAG) (TSE:IMG) in a report released on Wednesday morning,Benzinga reports. The brokerage issued a buy rating and a $23.00 price target on the mining company’s stock.

Several other equities research analysts have also weighed in on IAG. Raymond James Financial raised their price objective on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Friday, September 4th. Wall Street Zen lowered Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Iamgold in a report on Friday, September 4th. Royal Bank Of Canada increased their price target on Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Finally, Jefferies Financial Group started coverage on Iamgold in a report on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Iamgold Stock Up 2.3%

NYSE IAG opened at $18.82 on Wednesday. Iamgold has a 12 month low of $10.87 and a 12 month high of $24.87. The company has a market capitalization of $10.71 billion, a P/E ratio of 9.51, a PEG ratio of 0.98 and a beta of 1.41. The company’s 50 day simple moving average is $19.28 and its 200 day simple moving average is $17.72. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Equities research analysts expect that Iamgold will post 1.91 earnings per share for the current fiscal year.

Institutional Trading of Iamgold

Several large investors have recently added to or reduced their stakes in IAG. Van ECK Associates Corp boosted its position in shares of Iamgold by 2.7% in the second quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after buying an additional 985,939 shares during the period. BlackRock Inc. acquired a new position in Iamgold during the second quarter valued at $350,145,000. Donald Smith & CO. Inc. acquired a new position in Iamgold during the second quarter valued at $206,146,000. Bank of America Corp DE lifted its stake in Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after acquiring an additional 434,188 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Iamgold in the 2nd quarter worth about $158,877,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. The company’s activities include operating mines, advancing development projects and evaluating mineral properties in established mining regions.

IAMGOLD’s portfolio includes the Essakane gold mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood project in Quebec. Côté Gold is operated through a partnership with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project.