IAMGOLD (NYSE:IAG) Lifted to “Buy” at Canaccord Genuity Group

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has a $10.50 price objective on the mining company’s stock, up from their previous price objective of $7.75. Canaccord Genuity Group’s price target would indicate a potential upside of 76.62% from the stock’s current price.

A number of other analysts have also weighed in on the company. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. CIBC increased their price target on shares of IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a research note on Monday, August 12th. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Scotiabank lifted their target price on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.07.

IAMGOLD Stock Down 2.7 %

Shares of NYSE:IAG opened at $5.95 on Tuesday. The company has a market capitalization of $3.38 billion, a PE ratio of 21.23 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34. The company’s fifty day moving average is $5.17 and its 200-day moving average is $4.35. IAMGOLD has a 52 week low of $2.11 and a 52 week high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued 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. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. The firm had revenue of $385.30 million for the quarter. During the same period in the prior year, the company posted ($0.01) earnings per share. Equities research analysts predict that IAMGOLD will post 0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

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