Iamgold (NYSE:IAG) Stock Rating Upgraded by Wall Street Zen

Iamgold (NYSE:IAG) (TSE:IMG) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Several other equities analysts have also recently weighed in on IAG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. TD Securities reiterated a “buy” rating on shares of Iamgold in a report on Thursday. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Finally, Scotiabank increased their target price on shares of Iamgold to $23.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Iamgold has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Stock Performance

NYSE IAG opened at $22.24 on Friday. The company has a market cap of $13.15 billion, a P/E ratio of 19.34, a PEG ratio of 0.26 and a beta of 1.36. The company has a fifty day simple moving average of $18.66 and a 200 day simple moving average of $14.33. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. Iamgold has a 12-month low of $5.02 and a 12-month high of $23.06.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. Sell-side analysts predict that Iamgold will post 0.67 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 made changes to their positions in IAG. Voloridge Investment Management LLC increased its holdings in Iamgold by 261.8% during the fourth quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company’s stock worth $57,756,000 after buying an additional 2,534,395 shares during the last quarter. SummitTX Capital L.P. bought a new position in shares of Iamgold during the 4th quarter valued at approximately $195,000. Oxford Asset Management LLP bought a new position in shares of Iamgold during the 4th quarter valued at approximately $855,000. Orion Resource Partners LP increased its stake in shares of Iamgold by 5.4% during the 4th quarter. Orion Resource Partners LP now owns 124,438 shares of the mining company’s stock worth $2,054,000 after purchasing an additional 6,375 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Iamgold by 4.4% in the 4th quarter. Millennium Management LLC now owns 3,300,768 shares of the mining company’s stock worth $54,432,000 after purchasing an additional 137,691 shares during the period. 47.08% of the stock is owned by hedge funds and other 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.