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

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat.com reports.

Other equities analysts have also recently issued research reports about the company. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. CIBC raised their target price on shares of IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a report on Monday, August 12th. StockNews.com upgraded shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Finally, Scotiabank boosted their target price on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.73.

IAMGOLD Price Performance

Shares of IAG opened at $6.15 on Tuesday. 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 fifty-two week low of $2.11 and a fifty-two week high of $6.27. The company has a market cap of $3.50 billion, a P/E ratio of 21.96 and a beta of 1.59. The firm’s 50 day moving average price is $5.12 and its 200 day moving average price is $4.32.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. The business had revenue of $385.30 million for 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 business posted ($0.01) earnings per share. On average, research analysts forecast that IAMGOLD will post 0.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IAG. Virtu Financial LLC lifted its stake in IAMGOLD by 1,034.3% in the first quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock valued at $1,132,000 after buying an additional 309,836 shares during the last quarter. Helikon Investments Ltd boosted its stake in IAMGOLD by 250.5% during the 1st quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company’s stock worth $109,429,000 after purchasing an additional 23,485,183 shares during the period. Headlands Technologies LLC purchased a new position in IAMGOLD during the 1st quarter worth $389,000. BNP Paribas Financial Markets grew its position in 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. Finally, American Century Companies Inc. raised its holdings in shares of IAMGOLD by 28.6% in the second quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock valued at $21,423,000 after buying an additional 1,270,608 shares during the last quarter. Hedge funds and other 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.