Iamgold (NYSE:IAG) Announces Earnings Results

Iamgold (NYSE:IAG) (TSE:IMG) announced its quarterly earnings data on Thursday. The mining company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42, Zacks reports. The business had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a return on equity of 29.61% and a net margin of 31.40%.

Iamgold Price Performance

Shares of IAG stock traded up $2.28 during trading hours 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 debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 0.71 and a beta of 1.32. Iamgold has a one year low of $7.11 and a one year high of $24.87. The stock’s 50-day moving average price is $15.74 and its two-hundred day moving average price is $18.09.

Hedge Funds Weigh In On Iamgold

Several institutional investors have recently added to or reduced their stakes in IAG. Mariner LLC lifted its position in shares of Iamgold by 0.6% in the 4th quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock worth $1,814,000 after purchasing an additional 615 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Iamgold by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock valued at $2,849,000 after buying an additional 1,303 shares during the period. Northwest & Ethical Investments L.P. increased its holdings in Iamgold by 0.4% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock valued at $5,716,000 after buying an additional 1,424 shares during the period. Franklin Resources Inc. raised its stake in Iamgold by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 32,011 shares of the mining company’s stock worth $528,000 after buying an additional 1,474 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. bought a new position in Iamgold in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Royal Bank Of Canada decreased their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Scotiabank cut their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Wall Street Zen cut shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Bank of America lowered their target price 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 investment 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.00.

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.