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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $22.50.

IAG has been the topic of a number of research analyst reports. Freedom Broker assumed coverage on shares of Iamgold in a report on Wednesday. They issued a “buy” rating and a $23.00 target price on the stock. Raymond James Financial boosted their price target on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Wall Street Zen lowered Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Weiss Ratings upgraded Iamgold from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday.

Iamgold Price Performance

Shares of IAG opened at $18.82 on Wednesday. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 0.98 and a beta of 1.41. Iamgold has a 1-year low of $10.87 and a 1-year high of $24.87. The company’s fifty day simple moving average is $19.28 and its 200 day simple moving average is $17.72. 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 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 net margin of 31.40% and a return on equity of 28.97%. The firm had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. On average, research analysts forecast that Iamgold will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Vann Equity Management LLC bought a new position in shares of Iamgold in the third quarter valued at about $988,000. Wellington Altus USA Inc. boosted its holdings in shares of Iamgold by 80.0% during the 2nd quarter. Wellington Altus USA Inc. now owns 24,192 shares of the mining company’s stock worth $383,000 after buying an additional 10,754 shares during the period. Tidal Investments LLC grew its stake in Iamgold by 50.8% in the 2nd quarter. Tidal Investments LLC now owns 65,794 shares of the mining company’s stock valued at $1,042,000 after buying an additional 22,161 shares during the last quarter. RFG Advisory LLC acquired a new position in Iamgold in the 2nd quarter valued at about $1,146,000. Finally, IFP Advisors Inc raised its holdings in Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock valued at $52,000 after acquiring an additional 813 shares during the period. 47.08% of the stock is owned by institutional investors.

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.