Freedom Broker Initiates Coverage on Iamgold (NYSE:IAG)

Stock analysts at Freedom Broker started coverage on shares of Iamgold (NYSE:IAG) (TSE:IMG) in a research note issued on Wednesday, Benzinga reports. The firm set a “buy” rating and a $23.00 price target on the mining company’s stock. Freedom Broker’s target price indicates a potential upside of 26.97% from the stock’s previous close.

IAG has been the topic of several other reports. Wall Street Zen cut shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. Jefferies Financial Group started coverage on shares of Iamgold in a research report on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective on the stock. Bank of America lowered their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Iamgold in a report on Friday, September 4th. Finally, Scotiabank raised their price objective on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Iamgold presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Iamgold Price Performance

NYSE IAG traded down $0.43 during trading hours on Wednesday, hitting $18.11. The company had a trading volume of 1,823,806 shares, compared to its average volume of 6,766,351. The firm has a 50 day simple moving average of $19.03 and a 200 day simple moving average of $17.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. Iamgold has a 52 week low of $10.87 and a 52 week high of $24.87. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 0.98 and a beta of 1.41.

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 the consensus estimate of $0.42. The firm had revenue of $845.97 million during the quarter, compared to the consensus estimate 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 year.

Institutional Trading of Iamgold

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

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.