Iamgold (NYSE:IAG) Announces Earnings Results

Key Points

• Iamgold met earnings expectations, reporting quarterly EPS of $0.42, while revenue of $845.97 million fell short of the $882.92 million analyst consensus. The company posted a 29.61% return on equity and a 31.40% net margin.
• Shares rose 14.2% to $18.31 in Friday trading on volume well above average. The stock has a market capitalization of $10.52 billion and trades at a P/E ratio of 9.25.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $19.00, despite several firms lowering their targets. Institutional investors and hedge funds own 47.08% of the company.

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

Iamgold Trading Up 14.2%

NYSE IAG traded up $2.28 during trading on Friday, hitting $18.31. The stock had a trading volume of 12,370,411 shares, compared to its average volume of 5,235,510. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $10.52 billion, a PE ratio of 9.25, a PEG ratio of 0.71 and a beta of 1.32. The firm has a 50 day moving average price of $15.74 and a 200 day moving average price of $18.09. Iamgold has a twelve month low of $7.11 and a twelve month high of $24.87.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on IAG shares. Royal Bank Of Canada cut their target price on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Scotiabank decreased their target price on shares of Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. Bank of America decreased their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Weiss Ratings lowered Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen downgraded Iamgold from a "buy" rating to a "hold" rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Iamgold currently has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Institutional Investors Weigh In On Iamgold

A number of hedge funds have recently added to or reduced their stakes in the business. Voloridge Investment Management LLC increased its holdings in Iamgold by 261.8% during the 4th quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company's stock worth $57,756,000 after purchasing an additional 2,534,395 shares during the period. SummitTX Capital L.P. purchased a new position in Iamgold in the fourth quarter worth approximately $195,000. Oxford Asset Management LLP acquired a new position in shares of Iamgold during the fourth quarter worth $855,000. Orion Resource Partners LP grew its stake in shares of Iamgold by 5.4% during the fourth quarter. Orion Resource Partners LP now owns 124,438 shares of the mining company's stock worth $2,054,000 after purchasing an additional 6,375 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Iamgold by 4.4% in the fourth quarter. Millennium Management LLC now owns 3,300,768 shares of the mining company's stock valued at $54,432,000 after buying an additional 137,691 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Iamgold Company Profile

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.

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