Iamgold (NYSE:IAG) Releases Earnings Results, Hits Estimates

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

Iamgold Stock Performance

IAG traded up $2.28 during trading hours on Friday, reaching $18.31. The company’s stock had a trading volume of 12,370,411 shares, compared to its average volume of 5,235,510. Iamgold has a 52 week low of $7.11 and a 52 week high of $24.87. The company’s 50-day moving average is $15.74 and its 200-day moving average is $18.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The firm has a market cap of $10.52 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 0.71 and a beta of 1.32.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Royal Bank Of Canada decreased their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Wall Street Zen cut shares of Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America decreased their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Scotiabank cut their target price 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 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Hedge Funds Weigh In On Iamgold

Institutional investors and hedge funds have recently modified their holdings of the stock. Banque Transatlantique SA acquired a new stake in shares of Iamgold during the 2nd quarter worth about $26,000. Pin Oak Investment Advisors Inc. bought a new position in Iamgold in the 4th quarter valued at about $30,000. Global Retirement Partners LLC acquired a new stake in Iamgold during the fourth quarter worth approximately $33,000. EFG International AG acquired a new stake in Iamgold during the fourth quarter worth approximately $82,000. Finally, Flow Traders U.S. LLC bought a new stake in shares of Iamgold during the third quarter worth approximately $161,000. 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.