Iamgold (NYSE:IAG) Stock Rating Reaffirmed by Raymond James

Iamgold (NYSE:IAG) (TSE:IMG)‘s stock had its “market perform” rating reaffirmed by equities researchers at Raymond James in a report released on Friday, BayStreet.CA reports. They presently have a $5.00 target price on the mining company’s stock. Raymond James’ price objective indicates a potential upside of 49.25% from the company’s current price. Raymond James also issued estimates for Iamgold’s Q3 2020 earnings at $0.06 EPS and FY2020 earnings at $0.21 EPS.

Other equities research analysts have also recently issued reports about the stock. Canaccord Genuity reissued a “hold” rating on shares of Iamgold in a research report on Friday, July 19th. Zacks Investment Research cut shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. CSFB cut shares of Iamgold from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $4.75 to $3.75 in a research report on Thursday, August 8th. Credit Suisse Group cut shares of Iamgold from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 8th. Finally, GMP Securities cut shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $4.26.

Shares of IAG stock traded down $0.05 during trading hours on Friday, reaching $3.35. 6,500,647 shares of the stock were exchanged, compared to its average volume of 5,421,397. Iamgold has a 12-month low of $2.28 and a 12-month high of $4.16. The company has a current ratio of 4.14, a quick ratio of 3.05 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $3.61 and its 200-day moving average price is $3.31. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 55.83, a price-to-earnings-growth ratio of 49.60 and a beta of -0.02.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Wednesday, August 7th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $246.50 million during the quarter, compared to analysts’ expectations of $272.94 million. Iamgold had a negative net margin of 9.84% and a negative return on equity of 1.45%. Iamgold’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. On average, sell-side analysts expect that Iamgold will post 0.03 EPS for the current year.

In other news, insider Harmer Peter sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $7.93, for a total value of $792,500.00.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Donald Smith & CO. Inc. lifted its position in shares of Iamgold by 26.0% in the 3rd quarter. Donald Smith & CO. Inc. now owns 48,522,050 shares of the mining company’s stock worth $165,460,000 after purchasing an additional 10,020,206 shares during the period. Ruffer LLP lifted its position in shares of Iamgold by 47.4% in the 2nd quarter. Ruffer LLP now owns 20,061,272 shares of the mining company’s stock worth $67,707,000 after purchasing an additional 6,449,117 shares during the period. Vanguard Group Inc. lifted its position in shares of Iamgold by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,487,201 shares of the mining company’s stock worth $42,206,000 after purchasing an additional 366,333 shares during the period. Morgan Stanley lifted its position in shares of Iamgold by 6.9% in the 2nd quarter. Morgan Stanley now owns 9,025,648 shares of the mining company’s stock worth $30,508,000 after purchasing an additional 580,686 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Iamgold by 78.9% during the 2nd quarter. Schroder Investment Management Group now owns 3,795,111 shares of the mining company’s stock worth $15,610,000 after acquiring an additional 1,674,109 shares in the last quarter. 57.30% of the stock is owned by hedge funds and other institutional investors.

About Iamgold

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

Featured Article: How to identify percentage decliners

Analyst Recommendations for Iamgold (NYSE:IAG)

Receive News & Ratings for Iamgold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iamgold and related companies with MarketBeat.com's FREE daily email newsletter.