Iamgold (NYSE:IAG) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Iamgold (NYSE:IAG) (TSE:IMG) posted its quarterly earnings results on Thursday. The mining company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06, Zacks reports. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. The business had revenue of $843.58 million during the quarter, compared to analysts’ expectations of $826.66 million.

Iamgold Price Performance

Iamgold stock traded up $0.34 during trading hours on Friday, hitting $17.84. The stock had a trading volume of 2,788,993 shares, compared to its average volume of 6,531,623. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of 9.00, a PEG ratio of 1.29 and a beta of 1.39. Iamgold has a 1-year low of $12.03 and a 1-year high of $24.87. The stock’s fifty day moving average is $18.69 and its two-hundred day moving average is $18.34.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on IAG shares. Bank of America lowered 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. Raymond James Financial raised their price objective on shares of Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Friday, September 4th. Wall Street Zen cut shares of Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Jefferies Financial Group started coverage on shares of Iamgold in a report on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective on the stock. Finally, Canadian Imperial Bank of Commerce set a $25.00 target price on shares of Iamgold in a research report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.71.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD’s principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.