Iamgold (NYSE:IAG) Issues Quarterly Earnings Results

Iamgold (NYSE:IAG) (TSE:IMG) issued its quarterly earnings results on Tuesday. The mining company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15, reports. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion.

Iamgold Stock Performance

NYSE:IAG traded up $0.90 during midday trading on Thursday, reaching $22.17. The stock had a trading volume of 5,255,892 shares, compared to its average volume of 9,329,254. The stock has a market cap of $13.11 billion, a P/E ratio of 36.99, a P/E/G ratio of 0.26 and a beta of 1.36. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. Iamgold has a 12-month low of $5.02 and a 12-month high of $22.50. The firm has a fifty day simple moving average of $18.41 and a two-hundred day simple moving average of $14.07.

Institutional Investors Weigh In On Iamgold

Institutional investors and hedge funds have recently made changes to their positions in the business. FIL Ltd grew its holdings in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares during the period. Voloridge Investment Management LLC raised its stake in Iamgold by 261.8% during the fourth quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company’s stock worth $57,756,000 after purchasing an additional 2,534,395 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Iamgold by 342.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,741,354 shares of the mining company’s stock valued at $45,333,000 after purchasing an additional 2,122,442 shares during the last quarter. Verition Fund Management LLC grew its stake in shares of Iamgold by 649.4% during the 3rd quarter. Verition Fund Management LLC now owns 2,315,665 shares of the mining company’s stock valued at $29,942,000 after buying an additional 2,006,672 shares during the period. Finally, Bank of America Corp DE increased its stake in Iamgold by 16.4% during the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock worth $144,745,000 after acquiring an additional 1,581,064 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IAG has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. TD Securities reissued a “buy” rating on shares of Iamgold in a research report on Thursday. Finally, Scotiabank lifted their price target on shares of Iamgold to $23.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.25.

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.