Brokerages Set Iamgold Corporation (NYSE:IAG) Target Price at $10.13

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.13.

A number of equities analysts recently weighed in on IAG shares. CIBC reiterated an “outperform” rating on shares of Iamgold in a research report on Tuesday, July 15th. National Bankshares restated an “outperform” rating on shares of Iamgold in a research report on Tuesday, June 24th. Raymond James Financial upgraded shares of Iamgold to a “hold” rating and set a $8.00 target price for the company in a research note on Monday, June 30th. Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $9.00 to $14.00 in a research note on Wednesday, September 10th. Finally, Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th.

Institutional Trading of Iamgold

Institutional investors have recently modified their holdings of the business. Banque Transatlantique SA acquired a new position in Iamgold during the second quarter worth $26,000. Parallel Advisors LLC boosted its position in shares of Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock worth $26,000 after purchasing an additional 2,623 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Iamgold during the 1st quarter worth $35,000. Tableaux LLC purchased a new position in shares of Iamgold in the 2nd quarter valued at about $61,000. Finally, Olympiad Research LP purchased a new position in shares of Iamgold in the 2nd quarter valued at about $87,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Performance

Shares of IAG stock opened at $13.06 on Friday. The stock’s 50-day moving average price is $9.37 and its 200 day moving average price is $7.77. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $7.51 billion, a PE ratio of 9.39, a price-to-earnings-growth ratio of 0.44 and a beta of 1.24. Iamgold has a 52-week low of $4.44 and a 52-week high of $13.19.

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

Iamgold Company Profile

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.