IAMGOLD (NYSE:IAG) Upgraded at Cibc World Mkts

Cibc World Mkts upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Several other analysts also recently weighed in on IAG. StockNews.com upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price objective on shares of IAMGOLD in a research report on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Finally, National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, IAMGOLD currently has a consensus rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Down 0.9 %

Shares of IAMGOLD stock opened at $5.67 on Monday. IAMGOLD has a 52-week low of $2.11 and a 52-week high of $6.37. The company has a 50 day moving average of $5.35 and a 200 day moving average of $4.69. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $3.24 billion, a P/E ratio of 4.43 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

A number of large investors have recently added to or reduced their stakes in IAG. Millennium Management LLC grew its stake in IAMGOLD by 194.2% in the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after acquiring an additional 5,204,715 shares during the last quarter. FMR LLC lifted its holdings in IAMGOLD by 107.9% in the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp lifted its holdings in IAMGOLD by 8.8% in the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after purchasing an additional 4,267,084 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in IAMGOLD by 58.8% in the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in IAMGOLD by 130.6% in the 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock valued at $28,385,000 after purchasing an additional 3,049,252 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

About IAMGOLD

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.