Iamgold Corp (NYSE:IAG) (TSE:IMG)’s share price was down 5.6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $3.37 and last traded at $3.52. Approximately 9,331,906 shares were traded during mid-day trading, an increase of 70% from the average daily volume of 5,485,297 shares. The stock had previously closed at $3.73.
The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). The company had revenue of $274.30 million during the quarter, compared to the consensus estimate of $273.84 million. Iamgold had a positive return on equity of 1.06% and a negative net margin of 2.54%. The firm’s revenue was down 5.8% compared to the same quarter last year. During the same period last year, the company posted ($0.03) EPS.
A number of research analysts have recently commented on IAG shares. National Bank Financial reissued a “buy” rating on shares of Iamgold in a report on Monday, November 12th. BMO Capital Markets set a $6.00 target price on shares of Iamgold and gave the stock a “buy” rating in a report on Monday, December 17th. TD Securities reissued a “buy” rating on shares of Iamgold in a report on Thursday, November 8th. ValuEngine upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Friday, December 21st. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $6.00 price objective on shares of Iamgold in a report on Wednesday, January 16th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Iamgold currently has an average rating of “Buy” and a consensus price target of $5.19.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in Iamgold by 503.9% in the 4th quarter. Millennium Management LLC now owns 4,127,930 shares of the mining company’s stock valued at $15,191,000 after buying an additional 3,444,376 shares during the last quarter. Legal & General Group Plc raised its holdings in Iamgold by 17.0% in the 4th quarter. Legal & General Group Plc now owns 246,066 shares of the mining company’s stock valued at $902,000 after buying an additional 35,664 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Iamgold by 192.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 323,046 shares of the mining company’s stock valued at $1,187,000 after buying an additional 212,500 shares during the last quarter. Two Sigma Advisers LP raised its holdings in Iamgold by 52.7% in the 4th quarter. Two Sigma Advisers LP now owns 985,900 shares of the mining company’s stock valued at $3,626,000 after buying an additional 340,103 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in Iamgold in the 4th quarter valued at approximately $4,172,000. Institutional investors and hedge funds own 55.02% of the company’s stock.
The firm has a market cap of $1.64 billion, a PE ratio of 60.00, a P/E/G ratio of 19.43 and a beta of -0.30. The company has a current ratio of 4.31, a quick ratio of 3.40 and a debt-to-equity ratio of 0.14.
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Iamgold Company Profile (NYSE:IAG)
IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Québec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.
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