IAMGOLD (NYSE:IAG) Upgraded to Buy at StockNews.com

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Several other equities analysts also recently commented on the stock. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Scotiabank upped their price target on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and upped their price target for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research report on Tuesday, October 22nd. Finally, CIBC raised their target price on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Price Performance

Shares of IAMGOLD stock traded down $0.47 on Monday, reaching $5.23. 10,417,735 shares of the stock were exchanged, compared to its average volume of 9,096,827. The firm’s 50 day moving average is $5.28 and its 200-day moving average is $4.52. IAMGOLD has a one year low of $2.11 and a one year high of $6.37. 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 firm has a market cap of $2.98 billion, a PE ratio of 4.08 and a beta of 1.57.

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 the consensus estimate of $0.08 by $0.08. The business had revenue of $385.30 million during the quarter. IAMGOLD had a net margin of 49.56% and a return on equity of 10.92%. During the same period in the previous year, the company earned ($0.01) EPS. As a group, analysts anticipate that IAMGOLD will post 0.53 EPS for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds have recently added to or reduced their stakes in the company. ORG Partners LLC purchased a new position in shares of IAMGOLD during the third quarter valued at approximately $29,000. Eastern Bank purchased a new position in shares of IAMGOLD during the third quarter valued at approximately $30,000. TIAA Trust National Association purchased a new position in shares of IAMGOLD during the second quarter valued at approximately $38,000. International Assets Investment Management LLC bought a new stake in IAMGOLD during the third quarter worth $700,000. Finally, WINTON GROUP Ltd bought a new stake in IAMGOLD during the second quarter worth $52,000. 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.