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 research report issued to clients and investors on Monday.

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

IAMGOLD Stock Performance

Shares of IAG traded down $0.47 during mid-day trading on Monday, hitting $5.23. The stock had a trading volume of 10,417,735 shares, compared to its average volume of 9,096,827. The firm has a market cap of $2.98 billion, a P/E ratio of 4.08 and a beta of 1.57. IAMGOLD has a 52 week low of $2.11 and a 52 week high of $6.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.34 and a quick ratio of 0.90. The business has a fifty day moving average price of $5.28 and a 200-day moving average price of $4.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08. IAMGOLD had a return on equity of 10.92% and a net margin of 49.56%. The company had revenue of $385.30 million during the quarter. During the same quarter last year, the firm posted ($0.01) earnings per share. On average, equities research analysts expect that IAMGOLD will post 0.53 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of IAMGOLD by 158.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after acquiring an additional 2,839,556 shares in the last quarter. PCJ Investment Counsel Ltd. grew its stake in shares of IAMGOLD by 213.1% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 942,900 shares of the mining company’s stock worth $4,942,000 after buying an additional 641,750 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of IAMGOLD by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 698,107 shares of the mining company’s stock worth $3,661,000 after buying an additional 17,608 shares during the last quarter. Aigen Investment Management LP grew its stake in shares of IAMGOLD by 10.6% in the 3rd quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock worth $368,000 after buying an additional 6,704 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of IAMGOLD in the 3rd quarter worth approximately $296,000. Institutional investors 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.