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