Iamgold (NYSE:IAG) Releases Quarterly Earnings Results, Meets Expectations

Iamgold (NYSE:IAG) (TSE:IMG) announced its quarterly earnings results on Thursday. The mining company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42, Zacks reports. Iamgold had a net margin of 31.40% and a return on equity of 29.61%. The firm had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million.

Iamgold Price Performance

Shares of NYSE IAG traded up $2.28 during midday trading on Friday, hitting $18.31. The company had a trading volume of 12,370,411 shares, compared to its average volume of 5,235,510. Iamgold has a twelve month low of $7.11 and a twelve month 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 firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 0.71 and a beta of 1.32. The business has a 50-day simple moving average of $15.74 and a two-hundred day simple moving average of $18.09.

Institutional Trading of Iamgold

A number of institutional investors have recently bought and sold shares of IAG. Banque Transatlantique SA purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. acquired a new stake in Iamgold during the 4th quarter valued at $30,000. Global Retirement Partners LLC acquired a new position in shares of Iamgold in the fourth quarter worth $33,000. EFG International AG purchased a new stake in Iamgold during the 4th quarter worth about $82,000. Finally, Flow Traders U.S. LLC purchased a new stake in Iamgold during the 3rd quarter worth about $161,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on IAG. Wall Street Zen downgraded shares of Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America cut their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Royal Bank Of Canada decreased their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company 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 report on Tuesday, June 9th. Finally, Scotiabank decreased their price target on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

About Iamgold

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.