Iamgold Corporation (NYSE:IAG) Receives $19.20 Consensus Price Target from Brokerages

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been given an average recommendation of “Moderate Buy” by the ten analysts that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $20.00.

Several research analysts have recently weighed in on IAG shares. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Bank of America decreased their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Scotiabank lifted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada cut their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th.

Iamgold Trading Up 3.1%

Shares of IAG opened at $21.80 on Tuesday. The business’s 50-day moving average price is $16.35 and its 200 day moving average price is $18.03. The stock has a market capitalization of $12.52 billion, a P/E ratio of 11.01, a P/E/G ratio of 1.12 and a beta of 1.32. Iamgold has a 1-year low of $8.73 and a 1-year high of $24.87. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The firm had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. Analysts expect that Iamgold will post 1.92 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Iamgold during the 2nd quarter valued at about $350,145,000. FIL Ltd increased its holdings in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares during the period. Donald Smith & CO. Inc. acquired a new position in shares of Iamgold in the 2nd quarter valued at about $206,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Iamgold in the second quarter worth approximately $158,877,000. Finally, Bank of America Corp DE purchased a new stake in shares of Iamgold in the second quarter worth approximately $151,716,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

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.