Iamgold (NYSE:IAG) Announces Quarterly Earnings Results

Iamgold (NYSE:IAG) (TSE:IMG) posted its quarterly earnings results on Tuesday. The mining company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05, Zacks reports. Iamgold had a net margin of 40.61% and a return on equity of 8.54%.

Iamgold Stock Performance

IAG stock traded down $0.55 during trading on Tuesday, reaching $10.99. The company had a trading volume of 18,642,388 shares, compared to its average volume of 14,199,168. The firm has a 50-day simple moving average of $11.73 and a 200-day simple moving average of $8.84. The company has a market cap of $6.32 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 0.39 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. Iamgold has a twelve month low of $4.89 and a twelve month high of $14.67.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IAG. Banque Transatlantique SA acquired a new position in shares of Iamgold during the second quarter valued at approximately $26,000. State of Wyoming acquired a new position in Iamgold in the 2nd quarter valued at about $201,000. Brevan Howard Capital Management LP acquired a new position in shares of Iamgold in the second quarter worth $223,000. BNP Paribas Financial Markets boosted its position in shares of Iamgold by 307.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 42,861 shares of the mining company’s stock worth $315,000 after acquiring an additional 32,338 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in shares of Iamgold by 13.1% in the 2nd quarter. Engineers Gate Manager LP now owns 47,383 shares of the mining company’s stock valued at $348,000 after buying an additional 5,501 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on IAG shares. Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Stifel Canada upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Scotiabank increased their price objective on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Finally, Raymond James Financial increased their price target on Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $15.25.

Iamgold Company Profile

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.