Iamgold Corporation (NYSE:IAG) Stock Has Average Price Target of $21.83

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $22.50.

IAG has been the subject of several analyst reports. Weiss Ratings upgraded shares of Iamgold from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Raymond James Financial lifted their target price on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Freedom Broker initiated coverage on shares of Iamgold in a report on Wednesday, October 7th. They set a “buy” rating and a $23.00 price objective for the company. Royal Bank Of Canada raised their target price on shares of Iamgold from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Finally, Bank of America lowered their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th.

Institutional Trading of Iamgold

Hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Iamgold in the 2nd quarter valued at approximately $350,145,000. Donald Smith & CO. Inc. purchased a new stake in Iamgold during the 2nd quarter worth approximately $206,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Iamgold during the second quarter worth $158,877,000. Bank of America Corp DE acquired a new stake in shares of Iamgold in the second quarter valued at $151,716,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Iamgold during the 2nd quarter worth $53,738,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Price Performance

Shares of NYSE:IAG opened at $18.82 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a market cap of $10.71 billion, a price-to-earnings ratio of 9.51, a P/E/G ratio of 1.00 and a beta of 1.41. The firm has a fifty day moving average price of $19.28 and a 200 day moving average price of $17.73. Iamgold has a fifty-two week low of $10.87 and a fifty-two week high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. The company had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. As a group, sell-side analysts expect that Iamgold will post 1.91 earnings per share for the current fiscal year.

Iamgold Company Profile

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.