Iamgold Corporation (NYSE:IAG) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Iamgold Corporation (NYSE:IAG) has received an average consensus rating of “Buy” from eleven research firms, with five recommending a buy and three a strong buy.
• The average 12-month price target for Iamgold among analysts is $13.4375, reflecting positive expectations for the stock's performance.
• Several institutional investors have increased their holdings in Iamgold, with Vanguard Group Inc. raising its position by 1.7% in the first quarter, indicating growing confidence in the mining company.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG has been assigned an average recommendation of "Buy" from the eleven research firms that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $13.4375.

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada upgraded Iamgold from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a report on Wednesday, October 8th. Raymond James Financial lifted their price objective on Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a report on Friday, October 10th. Finally, Stifel Canada upgraded Iamgold from a "hold" rating to a "strong-buy" rating in a report on Monday.

Hedge Funds Weigh In On Iamgold

Several institutional investors have recently modified their holdings of IAG. Vanguard Group Inc. raised its position in Iamgold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock valued at $134,764,000 after buying an additional 361,608 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Iamgold by 12.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company's stock valued at $154,046,000 after buying an additional 2,302,527 shares during the last quarter. American Century Companies Inc. raised its position in Iamgold by 19.0% in the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock valued at $75,489,000 after buying an additional 1,929,787 shares during the last quarter. Invesco Ltd. raised its position in Iamgold by 19.6% in the 1st quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company's stock valued at $53,352,000 after buying an additional 1,396,354 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company's stock valued at $56,118,000 after buying an additional 4,928,077 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Iamgold Price Performance

Shares of IAG opened at $12.17 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. Iamgold has a 1 year low of $4.89 and a 1 year high of $14.67. The stock has a market cap of $7.00 billion, a P/E ratio of 8.75, a price-to-earnings-growth ratio of 0.49 and a beta of 1.24. The stock's 50-day moving average price is $11.08 and its two-hundred day moving average price is $8.48.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The company had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. On average, equities analysts predict that Iamgold will post 0.67 earnings per share for the current year.

About Iamgold

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.

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