IAMGOLD (NYSE:IAG) Upgraded by Canaccord Genuity Group to “Buy”

Canaccord Genuity Group upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a research report released on Tuesday, MarketBeat reports.

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

IAMGOLD Trading Down 0.7 %

NYSE:IAG opened at $6.11 on Tuesday. The business’s 50-day moving average is $5.15 and its two-hundred day moving average is $4.34. 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 firm has a market capitalization of $3.48 billion, a PE ratio of 21.82 and a beta of 1.59. IAMGOLD has a 12 month low of $2.11 and a 12 month high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its 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. 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 prior year, the business earned ($0.01) earnings per share. Research analysts predict that IAMGOLD will post 0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently bought and sold shares of IAG. ORG Partners LLC acquired a new position in IAMGOLD in the third quarter valued at approximately $29,000. Eastern Bank acquired a new position in IAMGOLD in the third quarter valued at approximately $30,000. TIAA Trust National Association acquired a new position in IAMGOLD in the second quarter valued at approximately $38,000. Cetera Advisors LLC bought a new stake in shares of IAMGOLD during the first quarter valued at approximately $50,000. Finally, WINTON GROUP Ltd bought a new stake in shares of IAMGOLD during the second quarter valued at approximately $52,000. 47.08% of the stock is currently 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.