IAMGOLD Corp (NYSE:IAG)’s Q2 results hold no gleam

Posted by Nathan Alexander August 13, 2013 0 Comment 1257 views

On Monday, IAMGOLD Corp (NYSE:IAG) announced its Q2 earnings report. The company reported earnings per share of $0.08 for the quarter which missed the average analyst estimate of $0.09, by $0.01. The quarterly revenue stood at $301.10M while the average analyst projection was $323.62M.

Analysts aver

Recently, numerous analyst-firms have commented on IAMGold. On 15 July, BMO Capital markets analysts cut their price-target on the company’s shares from $8.00 to $5.00 in a research note to investors on Monday and have now set a “market perform” rating on its stock. Global Hunter Securities analyst initiated coverage on IAG shares and set a “buy” rating on the stock with a price-target of $7.50.

Zacks analysts upgraded the shares and moved them up from an “under-perform” to a “neutral” rating and now have a $5.50 price-target on the stock. One analyst has rated the stock as a “sell” while 11 have set a “hold” rating on the stock. Six analysts have assigned it as a “buy”. The average rating on the IAG stock is “hold” while the average target-price is $9.19.

Latest stats

On Monday, IAMGOLD Corp (NYSE:IAG) shares rose by 5.77%. The opening price of the shares was $5.45 which reached an intraday high of $5.56 and closed at 45.43. The company has a 1-year low of $3.81 and a 1-year high of $16.88. The 50-day moving average of the stock is currently $4.56. IAG has a market cap of $2.07B with a P/E ratio of 8.35.

Up ahead

Analysts are not very optimistic about the company’s Q3 performance. Over the last 3 months, the average-estimate for the Q3 earnings has dropped from a $0.13 profit to a profit of $0.07. In the current year, the average profit estimate has moved from $0.54 to $0.39 (over the last 90 days). In the current scenario, investors might just be better off with holding-onto the stock.

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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