Iamgold (NYSE:IAG) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently weighed in on IAG. Bank of America dropped their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Scotiabank lifted their price objective on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 12th. Jefferies Financial Group began coverage on Iamgold in a research note on Thursday. They issued a “buy” rating and a $24.00 target price on the stock. Royal Bank Of Canada lowered their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Iamgold Stock Performance

IAG stock opened at $21.11 on Friday. 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 stock has a market cap of $12.12 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.12 and a beta of 1.32. The firm has a 50 day simple moving average of $16.27 and a 200 day simple moving average of $18.01. Iamgold has a 52 week low of $8.29 and a 52 week high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $882.92 million. Research analysts anticipate that Iamgold will post 1.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IAG. Banque Transatlantique SA bought a new stake in Iamgold during the second quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Iamgold in the second quarter valued at approximately $28,000. Global Retirement Partners LLC bought a new position in shares of Iamgold in the fourth quarter valued at approximately $33,000. Western Wealth Management LLC bought a new position in shares of Iamgold in the first quarter valued at approximately $43,000. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Iamgold by 617.8% in the fourth quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock worth $49,000 after buying an additional 2,570 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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.