Iamgold Corporation (NYSE:IAG) Receives $19.00 Average Price Target from Analysts

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been given a consensus rating of “Moderate Buy” by the nine analysts that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $19.00.

A number of analysts have recently commented on the company. Bank of America cut their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen cut Iamgold from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Scotiabank dropped their price target on Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Finally, Royal Bank Of Canada reduced their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th.

Iamgold Stock Down 2.9%

NYSE:IAG opened at $14.28 on Friday. Iamgold has a 52 week low of $6.69 and a 52 week high of $24.87. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. The stock’s fifty day moving average is $16.00 and its two-hundred day moving average is $18.22. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.52 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. Research analysts anticipate that Iamgold will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in Iamgold by 11.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,917,300 shares of the mining company’s stock worth $64,645,000 after purchasing an additional 408,800 shares during the period. Rathbones Group PLC increased its holdings in Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after buying an additional 418,861,592 shares during the period. Ninety One UK Ltd increased its holdings in Iamgold by 22.3% in the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock valued at $84,835,000 after buying an additional 938,855 shares during the period. PKO Investment Management Joint Stock Co increased its holdings in Iamgold by 42.1% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock valued at $4,464,000 after buying an additional 80,000 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after buying an additional 1,068,465 shares in the last quarter. 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.