Iamgold Corporation (NYSE:IAG) Stock Has Average Price Target of $21.83 According to Brokerages

Key Points

• Iamgold has a “Moderate Buy” consensus rating from 10 analysts, with five buys, two strong buys, and three holds. The average 12-month price target is $21.83, above the stock’s reported $18.57 price.
• Institutional investors hold 47.08% of the company, with major firms including BlackRock, Donald Smith & Co., and Connor Clark & Lunn recently acquiring significant stakes.
• In its latest quarter, Iamgold reported earnings of $0.42 per share, matching analyst estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast.

Shares of Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG have been given a consensus recommendation of "Moderate Buy" by the ten analysts that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, five have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $21.83.

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Iamgold in a research note on Friday, September 4th. Jefferies Financial Group started coverage on shares of 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 lowered shares of Iamgold from a "buy" rating to a "hold" rating in a report on Saturday, September 19th. Royal Bank Of Canada boosted their price target on shares of Iamgold from $20.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, September 16th. Finally, Scotiabank upped their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 12th.

Institutional Investors Weigh In On Iamgold

Several large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Iamgold during the 2nd quarter worth approximately $350,145,000. Donald Smith & CO. Inc. bought a new stake in Iamgold in the 2nd quarter valued at approximately $206,146,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Iamgold during the 2nd quarter worth approximately $158,877,000. Bank of America Corp DE acquired a new position in Iamgold during the 2nd quarter worth approximately $151,716,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Iamgold during the 2nd quarter worth approximately $53,738,000. 47.08% of the stock is currently owned by institutional investors.

Iamgold Price Performance

Iamgold stock opened at $18.57 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $10.57 billion, a P/E ratio of 9.38, a PEG ratio of 0.98 and a beta of 1.41. The business has a 50-day moving average of $19.03 and a 200-day moving average of $17.69. Iamgold has a 1 year low of $10.87 and a 1 year high of $24.87.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.