Iamgold (NYSE:IAG) Issues Quarterly Earnings Results

Iamgold (NYSE:IAG) (TSE:IMG) posted its quarterly earnings results on Tuesday. The mining company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.52 by $0.14, Zacks reports. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $950.63 million.

Iamgold Stock Performance

Iamgold stock traded up $1.96 during trading hours on Wednesday, reaching $18.27. 7,377,082 shares of the stock were exchanged, compared to its average volume of 8,302,395. The firm’s 50 day moving average is $19.46 and its 200 day moving average is $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. The stock has a market cap of $10.60 billion, a P/E ratio of 15.94, a P/E/G ratio of 0.84 and a beta of 1.26. Iamgold has a 52-week low of $6.06 and a 52-week high of $24.87.

Wall Street Analyst Weigh In

IAG has been the subject of several analyst reports. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. TD Securities reiterated a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Scotiabank boosted their price target on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. One equities research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

Insider Activity

In other news, Director David Stewart Smith sold 31,000 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at $657,400. This trade represents a 60.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Iamgold

A number of large investors have recently made changes to their positions in IAG. Royal Bank of Canada increased its holdings in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after purchasing an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Iamgold by 6.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after acquiring an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Iamgold by 67.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock valued at $6,283,000 after acquiring an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Iamgold by 64.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock valued at $1,678,000 after acquiring an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Iamgold by 16.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock valued at $3,899,000 after acquiring an additional 77,016 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

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.