IAMGOLD (NYSE:IAG) Stock Rating Upgraded by Canaccord Genuity Group

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat Ratings reports.

Several other research analysts have also weighed in on IAG. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. CIBC boosted their price objective on IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a research report on Monday, August 12th. Scotiabank raised their target price on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a report on Monday, August 19th. Finally, StockNews.com upgraded shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.07.

IAMGOLD Price Performance

Shares of IAG opened at $5.95 on Tuesday. The stock has a market cap of $3.38 billion, a P/E ratio of 21.23 and a beta of 1.59. IAMGOLD has a 1 year low of $2.11 and a 1 year high of $6.37. The stock’s 50-day moving average price is $5.17 and its two-hundred day moving average price is $4.35. The company has a current ratio of 1.34, a quick ratio of 0.90 and a debt-to-equity ratio of 0.30.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.08. The business had revenue of $385.30 million for the quarter. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. During the same period in the previous year, the business earned ($0.01) EPS. On average, equities analysts predict that IAMGOLD will post 0.49 earnings per share for the current year.

Institutional Trading of IAMGOLD

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in IAMGOLD during the third quarter worth $700,000. Eastern Bank bought a new position in IAMGOLD during the third quarter worth $30,000. U S Global Investors Inc. grew its stake in IAMGOLD by 241.6% in the 3rd quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after buying an additional 604,114 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in IAMGOLD by 1,973.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,012,000 shares of the mining company’s stock valued at $5,311,000 after acquiring an additional 963,200 shares during the period. Finally, ORG Partners LLC acquired a new stake in IAMGOLD during the third quarter worth approximately $29,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.