Iamgold Corporation (IAG) Trading Up 0% After Earnings Beat
Iamgold Corporation (NYSE:IAG) (TSE:IMG) was up 0% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $6.35 and last traded at $6.15. Approximately 8,041,257 shares were traded during mid-day trading, an increase of 94% from the average daily volume of 4,136,458 shares. The stock had previously closed at $6.15.
The mining company reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.05. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The business had revenue of $268.80 million during the quarter, compared to analysts’ expectations of $268.62 million. During the same period in the prior year, the firm posted $0.05 EPS. Iamgold Corporation’s quarterly revenue was down 4.8% compared to the same quarter last year.
A number of equities research analysts recently commented on IAG shares. TheStreet upgraded Iamgold Corporation from a “c-” rating to a “b” rating in a research report on Thursday, August 17th. Zacks Investment Research upgraded Iamgold Corporation from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Tuesday, August 1st. BidaskClub upgraded Iamgold Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. BMO Capital Markets restated a “buy” rating and set a $8.00 price target on shares of Iamgold Corporation in a research report on Monday, October 2nd. Finally, ValuEngine upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Iamgold Corporation currently has a consensus rating of “Hold” and a consensus price target of $7.23.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Trexquant Investment LP bought a new position in Iamgold Corporation in the 3rd quarter valued at $177,000. Legal & General Group Plc boosted its position in Iamgold Corporation by 4.5% in the 3rd quarter. Legal & General Group Plc now owns 366,157 shares of the mining company’s stock valued at $2,309,000 after buying an additional 15,876 shares during the last quarter. Nordea Investment Management AB bought a new position in Iamgold Corporation in the 3rd quarter valued at $3,425,000. Van ECK Associates Corp boosted its position in Iamgold Corporation by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 56,732,518 shares of the mining company’s stock valued at $346,069,000 after buying an additional 880,887 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Iamgold Corporation in the 3rd quarter valued at $457,000. Hedge funds and other institutional investors own 56.31% of the company’s stock.
The firm has a market capitalization of $2,672.60, a PE ratio of 71.88, a P/E/G ratio of 58.97 and a beta of -0.53. The company has a current ratio of 5.17, a quick ratio of 4.19 and a debt-to-equity ratio of 0.14.
Iamgold Corporation Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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