Zacks Investment Research upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a strong-buy rating in a report published on Wednesday morning. They currently have $6.75 price objective on the mining company’s stock.
According to Zacks, “IAMGOLD Corp is an international gold exploration and mining company based in Canada. It holds a 38% stake in the Sadiola Gold Mine and a 40% stake in the Yatela Gold Mine. Both are located in Mali, West Africa. Measured and indicated resources at Sadiola and Yatela are 5.5 million ounces of gold (including reserves of 5.2 million ounces). Inferred resources are 5.9 million ounces. IAMGOLD is actively exploring highly prospective ground in Africa and South America. “
A number of other research analysts also recently issued reports on the stock. BMO Capital Markets set a $7.00 price objective on shares of IAMGOLD and gave the stock a buy rating in a research report on Tuesday, December 19th. Desjardins reaffirmed a buy rating on shares of IAMGOLD in a research report on Monday, December 11th. TheStreet downgraded shares of IAMGOLD from a b rating to a c+ rating in a research report on Thursday, November 16th. Scotiabank reaffirmed a hold rating on shares of IAMGOLD in a research report on Tuesday, November 14th. Finally, Royal Bank of Canada set a $7.00 price objective on shares of IAMGOLD and gave the stock a hold rating in a research report on Friday, November 10th. Seven research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. IAMGOLD has a consensus rating of Buy and an average target price of $7.01.
Shares of IAMGOLD (IAG) opened at $6.08 on Wednesday. IAMGOLD has a twelve month low of $3.36 and a twelve month high of $7.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.78 and a quick ratio of 3.85. The company has a market cap of $2,697.43, a PE ratio of 5.53, a PEG ratio of 21.93 and a beta of -0.57.
IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, November 7th. The mining company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. IAMGOLD had a net margin of 48.66% and a return on equity of 1.81%. The business had revenue of $268.80 million during the quarter, compared to analyst estimates of $268.62 million. During the same quarter in the previous year, the business posted $0.05 EPS. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. sell-side analysts expect that IAMGOLD will post 0.09 earnings per share for the current year.
Several institutional investors have recently modified their holdings of IAG. Royal Bank of Canada grew its position in shares of IAMGOLD by 496.5% in the 2nd quarter. Royal Bank of Canada now owns 4,484,298 shares of the mining company’s stock worth $23,138,000 after buying an additional 3,732,543 shares during the last quarter. Heartland Advisors Inc. grew its position in IAMGOLD by 372.1% during the 3rd quarter. Heartland Advisors Inc. now owns 3,634,511 shares of the mining company’s stock worth $22,222,000 after purchasing an additional 2,864,661 shares during the last quarter. JPMorgan Chase & Co. grew its position in IAMGOLD by 560.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,688,430 shares of the mining company’s stock worth $13,873,000 after purchasing an additional 2,281,226 shares during the last quarter. Fiera Capital Corp grew its position in IAMGOLD by 7,802.7% during the 2nd quarter. Fiera Capital Corp now owns 1,473,546 shares of the mining company’s stock worth $7,588,000 after purchasing an additional 1,454,900 shares during the last quarter. Finally, Tocqueville Asset Management L.P. grew its position in IAMGOLD by 21.1% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 8,294,577 shares of the mining company’s stock worth $50,597,000 after purchasing an additional 1,444,277 shares during the last quarter. 56.04% of the stock is currently owned by hedge funds and other institutional investors.
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IAMGOLD Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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