Iamgold Corporation (NYSE:IAG) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Iamgold Corporation (NYSE:IAG) (TSE:IMG) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $22.71.

A number of research firms have issued reports on IAG. Royal Bank Of Canada raised their target price on Iamgold from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Scotiabank boosted their target price on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Jefferies Financial Group started coverage on Iamgold in a research report on Thursday, August 20th. They set a “buy” rating and a $24.00 price target on the stock. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. Finally, Bank of America cut their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th.

Institutional Investors Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management bought a new stake in Iamgold during the 3rd quarter worth approximately $1,716,000. Gen Wealth Partners Inc purchased a new position in Iamgold in the 3rd quarter worth approximately $37,000. Leuthold Group LLC increased its holdings in shares of Iamgold by 6.3% in the 3rd quarter. Leuthold Group LLC now owns 593,982 shares of the mining company’s stock worth $10,935,000 after buying an additional 35,435 shares during the last quarter. Euro Pacific Asset Management LLC increased its holdings in shares of Iamgold by 5.4% in the 3rd quarter. Euro Pacific Asset Management LLC now owns 1,345,587 shares of the mining company’s stock worth $24,772,000 after buying an additional 68,961 shares during the last quarter. Finally, StoneX Group Inc. bought a new position in shares of Iamgold in the 3rd quarter worth $454,000. 47.08% of the stock is currently owned by institutional investors.

Iamgold Trading Down 0.5%

Shares of IAG stock opened at $17.39 on Friday. The company has a 50 day moving average of $18.69 and a 200-day moving average of $18.34. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. Iamgold has a 12-month low of $11.98 and a 12-month high of $24.87. The firm has a market cap of $9.85 billion, a P/E ratio of 8.40, a PEG ratio of 1.29 and a beta of 1.39.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, November 5th. The mining company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $843.58 million for the quarter, compared to analysts’ expectations of $826.66 million. Sell-side analysts anticipate that Iamgold will post 1.85 earnings per share for the current year.

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.