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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been assigned an average recommendation of “Buy” from the eleven brokerages that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $15.25.

IAG has been the topic of several recent research reports. CIBC upped their price objective on shares of Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Scotiabank upped their price objective on shares of Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Saturday. Royal Bank Of Canada raised shares of Iamgold from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Finally, Stifel Canada raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th.

Institutional Investors Weigh In On Iamgold

Several institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position in shares of Iamgold by 272.9% during 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 period. Banque Transatlantique SA bought a new stake in shares of Iamgold during the second quarter valued at about $26,000. Summit Securities Group LLC bought a new stake in shares of Iamgold during the first quarter valued at about $35,000. Tableaux LLC bought a new stake in shares of Iamgold during the second quarter valued at about $61,000. Finally, Avantax Advisory Services Inc. bought a new stake in shares of Iamgold during the first quarter valued at about $86,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Price Performance

Shares of NYSE:IAG opened at $11.88 on Wednesday. The company’s 50-day moving average is $11.32 and its 200 day moving average is $8.63. 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 company has a market capitalization of $6.83 billion, a P/E ratio of 8.54, a price-to-earnings-growth ratio of 0.42 and a beta of 1.24. Iamgold has a fifty-two week low of $4.89 and a fifty-two week high of $14.67.

Iamgold (NYSE:IAG) (TSE:IMG) last issued 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). The company had revenue of $587.21 million during the quarter, compared to analysts’ expectations of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. On average, equities research analysts forecast that Iamgold will post 0.67 earnings per share 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.