IAMGOLD (NYSE:IAG) Upgraded to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. They currently have $10.50 target price on the mining company’s stock, up from their previous target price of $7.75.

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

IAMGOLD Stock Down 3.8 %

Shares of IAMGOLD stock opened at $5.77 on Tuesday. The business has a fifty day simple moving average of $5.20 and a 200 day simple moving average of $4.37. The stock has a market cap of $3.29 billion, a PE ratio of 23.06 and a beta of 1.59. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. IAMGOLD has a 12 month low of $2.11 and a 12 month high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.08. The company had revenue of $385.30 million during the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Research analysts predict that IAMGOLD will post 0.51 EPS for the current year.

Hedge Funds Weigh In On IAMGOLD

Several hedge funds have recently made changes to their positions in the business. Virtu Financial LLC lifted its position in IAMGOLD by 1,034.3% during the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock worth $1,132,000 after buying an additional 309,836 shares in the last quarter. Helikon Investments Ltd raised its holdings in IAMGOLD by 250.5% during the first quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company’s stock worth $109,429,000 after acquiring an additional 23,485,183 shares in the last quarter. Headlands Technologies LLC acquired a new position in IAMGOLD during the first quarter valued at approximately $389,000. U S Global Investors Inc. grew its stake in IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after purchasing an additional 604,114 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of IAMGOLD by 326.7% during the 1st quarter. BNP Paribas Financial Markets now owns 609,440 shares of the mining company’s stock worth $2,029,000 after purchasing an additional 466,620 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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.