Iamgold (NYSE:IAG) Stock Price Up 16.1% After Earnings Beat

Key Points

• Iamgold shares jumped 16.1% after the company reported quarterly EPS of $0.66 versus analysts' $0.52 and revenue of $1.01 billion versus $950.6 million, alongside strong margins and a 19.3% return on equity.
• Analyst and investor sentiment is mixed: MarketBeat's consensus is a “Moderate Buy” with an average price target of $17.75 while Scotiabank raised its target to $25, and insiders recently sold shares amid ~47% institutional ownership.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's stock price rose 16.1% on Wednesday following a stronger than expected earnings report. The stock traded as high as $18.73 and last traded at $18.9280. Approximately 2,300,665 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 8,228,527 shares. The stock had previously closed at $16.31.

The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $950.63 million.

Wall Street Analyst Weigh In

IAG has been the subject of a number of recent analyst reports. Scotiabank boosted their price objective on Iamgold to $25.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Weiss Ratings restated a "buy (b)" rating on shares of Iamgold in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. Finally, Wall Street Zen upgraded Iamgold from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. One 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 MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $17.75.

Insider Buying and Selling at Iamgold

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at approximately $657,400. This represents a 60.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company's stock.

Institutional Investors Weigh In On Iamgold

Hedge funds have recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Iamgold in the 4th quarter worth $30,000. Tsfg LLC purchased a new stake in shares of Iamgold in the 3rd quarter worth $26,000. Global Retirement Partners LLC purchased a new stake in shares of Iamgold in the 4th quarter worth $33,000. FNY Investment Advisers LLC purchased a new stake in shares of Iamgold in the 4th quarter worth $38,000. Finally, LOM Asset Management Ltd purchased a new stake in shares of Iamgold in the 4th quarter worth $49,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Up 16.1%

The firm has a market capitalization of $10.98 billion, a PE ratio of 16.45, a PEG ratio of 0.84 and a beta of 1.26. The company has a fifty day simple moving average of $19.46 and a two-hundred day simple moving average of $17.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75.

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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