Iamgold (NYSE:IAG) Stock Rated "Buy" in New Coverage at Freedom Broker

Key Points

• Freedom Broker initiated coverage of Iamgold with a “Buy” rating and a $23 price target, implying approximately 27% upside from the stock’s reported $18.11 price.
• Analyst sentiment is broadly positive: Iamgold has a consensus “Moderate Buy” rating and an average price target of $22, based on two Strong Buy, six Buy, and three Hold ratings.
• Shares fell 2.3% during Wednesday trading. In its latest quarter, Iamgold reported earnings of $0.42 per share, matching estimates, while revenue of $845.97 million came in below the $882.92 million consensus forecast.

Stock analysts at Freedom Broker began coverage on shares of Iamgold (NYSE:IAG - Get Free Report) TSE: IMG in a note issued to investors on Wednesday, Benzinga reports. The brokerage set a "buy" rating and a $23.00 price target on the mining company's stock. Freedom Broker's price target suggests a potential upside of 26.97% from the company's current price.

A number of other research analysts also recently commented on IAG. Raymond James Financial lifted their price objective on shares of Iamgold from $20.00 to $21.00 and gave the company a "market perform" rating in a research report on Friday, September 4th. Bank of America reduced their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Jefferies Financial Group initiated 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. Royal Bank Of Canada raised their price objective on Iamgold from $20.00 to $23.00 and gave the company an "outperform" rating in a research report on Wednesday, September 16th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Iamgold in a research note on Friday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.

Iamgold Stock Down 2.3%

IAG stock traded down $0.43 during mid-day trading on Wednesday, reaching $18.11. The company had a trading volume of 1,823,806 shares, compared to its average volume of 6,766,351. The company has a market capitalization of $10.31 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 0.98 and a beta of 1.41. Iamgold has a 52 week low of $10.87 and a 52 week high of $24.87. The stock has a 50 day simple moving average of $19.03 and a two-hundred day simple moving average of $17.69. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, equities analysts predict that Iamgold will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Institutional investors and hedge funds have recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in shares of Iamgold by 1.9% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company's stock worth $612,000 after purchasing an additional 700 shares during the last quarter. Sigma Planning Corp raised its stake in shares of Iamgold by 1.9% in the second quarter. Sigma Planning Corp now owns 41,660 shares of the mining company's stock valued at $660,000 after buying an additional 765 shares during the period. IFP Advisors Inc lifted its position in shares of Iamgold by 33.2% during the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company's stock valued at $52,000 after buying an additional 813 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company's stock worth $51,000 after acquiring an additional 1,150 shares during the period. Finally, Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold in the 2nd quarter worth about $28,000. Institutional investors and hedge funds own 47.08% of the company's stock.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. The company's activities include operating mines, advancing development projects and evaluating mineral properties in established mining regions.

IAMGOLD's portfolio includes the Essakane gold mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood project in Quebec. Côté Gold is operated through a partnership with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project.

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