Brokerages Set Iamgold Corporation (NYSE:IAG) Target Price at $19.00

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are covering the firm, Marketbeat Ratings 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 objective among analysts that have covered the stock in the last year is $19.00.

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada reduced their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Scotiabank cut their price objective on Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Bank of America decreased their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th.

Hedge Funds Weigh In On Iamgold

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Rathbones Group PLC increased its stake in shares of Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd raised its holdings in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after acquiring an additional 20,134,496 shares in the last quarter. Vanguard Group Inc. lifted its stake in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after acquiring an additional 1,068,465 shares during the last quarter. Bank of America Corp DE lifted its stake in Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock worth $144,745,000 after acquiring an additional 1,581,064 shares during the last quarter. Finally, Ninety One UK Ltd grew its holdings in Iamgold by 22.3% during the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock worth $84,835,000 after acquiring an additional 938,855 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Stock Performance

NYSE:IAG opened at $14.64 on Friday. The company’s 50-day moving average is $16.08 and its two-hundred day moving average is $18.25. Iamgold has a 1-year low of $6.69 and a 1-year high of $24.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 0.65 and a beta of 1.30.

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

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.