IAMGOLD (NYSE:IAG) Upgraded to Buy at StockNews.com

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

Several other equities analysts have also issued reports on the company. Scotiabank increased their target price on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. CIBC upped their target price on shares of IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Down 3.7 %

Shares of NYSE IAG opened at $5.03 on Monday. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $5.28 and its two-hundred day moving average is $4.53. IAMGOLD has a 52-week low of $2.11 and a 52-week high of $6.37. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 3.93 and a beta of 1.57.

Institutional Trading of IAMGOLD

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in shares of 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 purchasing an additional 5,204,715 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after purchasing an additional 4,267,084 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in IAMGOLD by 158.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock valued at $24,301,000 after buying an additional 2,839,556 shares during the last quarter. Mackenzie Financial Corp raised its stake in IAMGOLD by 133.8% in the second quarter. Mackenzie Financial Corp now owns 2,992,780 shares of the mining company’s stock valued at $11,246,000 after buying an additional 1,712,640 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in 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 in the last quarter. Institutional investors and hedge funds 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.