Iamgold (NYSE:IAG) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded IAMGOLD from “Hold” to “Buy,” adding to generally positive analyst sentiment. The stock has an overall “Moderate Buy” rating and an average price target of $20.00.
• Other analysts remain bullish but have issued mixed target changes: Jefferies initiated coverage with a $24 buy target, while RBC and Bank of America lowered their targets to $20 and $21, respectively.
• IAMGOLD reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Institutional investors and hedge funds own 47.08% of the company.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

A number of other brokerages also recently issued reports on IAG. Royal Bank Of Canada decreased their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Scotiabank raised their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Jefferies Financial Group assumed coverage on shares of Iamgold in a research note on Thursday. They issued a "buy" rating and a $24.00 target price for the company. Finally, Bank of America lowered their price target on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $20.00.

Iamgold Price Performance

Shares of IAG opened at $21.11 on Friday. The business's 50-day moving average is $16.27 and its two-hundred day moving average is $18.01. The company has a market capitalization of $12.12 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.09 and a beta of 1.32. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. Iamgold has a fifty-two week low of $8.29 and a fifty-two week high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data 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 return on equity of 28.97% and a net margin of 31.40%.The business had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Research analysts predict that Iamgold will post 1.91 earnings per share for the current year.

Institutional Investors Weigh In On Iamgold

Institutional investors have recently bought and sold shares of the company. Continuum Advisory LLC acquired a new position in shares of Iamgold during the second quarter valued at approximately $146,000. Nykredit A S acquired a new stake in shares of Iamgold in the second quarter worth approximately $140,000. Addenda Capital Inc. purchased a new stake in shares of Iamgold during the second quarter worth approximately $441,000. BTG Pactual Asset Management US LLC purchased a new stake in shares of Iamgold during the second quarter worth approximately $1,342,000. Finally, Sigma Planning Corp increased its position in shares of Iamgold by 1.9% during the second quarter. Sigma Planning Corp now owns 41,660 shares of the mining company's stock worth $660,000 after purchasing an additional 765 shares in 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source