IAMGOLD (NYSE:IAG) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a research note released on Thursday.

Several other research firms have also recently issued reports on IAG. Raymond James upgraded shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. CIBC upgraded IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price target on shares of IAMGOLD in a report on Tuesday, October 22nd. Finally, National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Stock Performance

Shares of IAG opened at $6.46 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 5.04 and a beta of 1.56. IAMGOLD has a 52-week low of $2.32 and a 52-week high of $6.64. The stock’s 50-day simple moving average is $5.57 and its 200 day simple moving average is $5.22.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, November 7th. The mining company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.07. The firm had revenue of $438.90 million for the quarter. IAMGOLD had a net margin of 49.56% and a return on equity of 10.01%. During the same period in the previous year, the company posted ($0.01) earnings per share. Research analysts forecast that IAMGOLD will post 0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

Several institutional investors have recently modified their holdings of IAG. Marshall Wace LLP bought a new stake in IAMGOLD in the 2nd quarter worth approximately $592,000. The Manufacturers Life Insurance Company raised its stake in shares of IAMGOLD by 21.4% during the second quarter. The Manufacturers Life Insurance Company now owns 453,726 shares of the mining company’s stock worth $1,702,000 after acquiring an additional 79,955 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of IAMGOLD by 329.7% in the 3rd quarter. SG Americas Securities LLC now owns 110,438 shares of the mining company’s stock worth $578,000 after acquiring an additional 84,738 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of IAMGOLD in the 3rd quarter valued at $29,000. Finally, Allspring Global Investments Holdings LLC grew 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 valued at $5,311,000 after purchasing an additional 963,200 shares during the last quarter. 47.08% of the stock is currently 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.