Iamgold Corporation (NYSE:IAG) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $17.75.

A number of brokerages recently issued reports on IAG. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th.

Iamgold Stock Down 0.2%

NYSE:IAG opened at $16.53 on Monday. Iamgold has a 1 year low of $6.69 and a 1 year high of $24.87. The stock has a 50-day moving average price of $16.89 and a two-hundred day moving average price of $18.43. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 0.80 and a beta of 1.30. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, equities analysts expect that Iamgold will post 2.27 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors have recently added to or reduced their stakes in IAG. Rathbones Group PLC lifted its holdings in Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after purchasing an additional 418,861,592 shares during the last quarter. FIL Ltd increased its holdings in shares of Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after purchasing an additional 13,691,148 shares during the last quarter. CI Investments Inc. bought a new position in shares of Iamgold in the third quarter valued at about $96,747,000. Finally, Mackenzie Financial Corp raised its position in shares of Iamgold by 46.9% in the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock valued at $144,430,000 after purchasing an additional 3,567,399 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.