IAMGOLD (NYSE:IAG) Rating Increased to Buy at 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 report issued 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 suggest a potential upside of 76.62% from the company’s previous close.

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

IAMGOLD Trading Down 2.7 %

Shares of NYSE:IAG opened at $5.95 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.90 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $3.38 billion, a PE 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 firm has a fifty day moving average price of $5.17 and a 200 day moving average price of $4.35.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. The business had revenue of $385.30 million for the quarter. During the same period in the prior year, the company posted ($0.01) EPS. Analysts expect that IAMGOLD will post 0.49 EPS for the current fiscal year.

Institutional Trading of IAMGOLD

Several institutional investors have recently modified their holdings of IAG. International Assets Investment Management LLC acquired a new position in shares of IAMGOLD in the third quarter valued at $700,000. Eastern Bank acquired a new position in shares of IAMGOLD in the 3rd quarter valued at $30,000. U S Global Investors Inc. raised its stake 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 buying an additional 604,114 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 period. Finally, ORG Partners LLC bought a new stake in IAMGOLD in the third quarter valued at about $29,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

IAMGOLD Company Profile

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.