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

StockNews.com upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a report issued on Thursday morning.

Several other research analysts have also recently issued reports on IAG. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Raymond James upgraded shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, IAMGOLD has an average rating of “Moderate Buy” and a consensus target price of $6.57.

IAMGOLD Stock Performance

NYSE IAG opened at $6.46 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $5.57 and a 200 day simple moving average of $5.22. IAMGOLD has a 12-month low of $2.32 and a 12-month high of $6.64. The company has a market cap of $3.69 billion, a P/E ratio of 5.04 and a beta of 1.56.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, November 7th. The mining company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.11 by $0.07. The company had revenue of $438.90 million during the quarter. IAMGOLD had a net margin of 49.56% and a return on equity of 10.01%. During the same period in the previous year, the firm earned ($0.01) earnings per share. Sell-side analysts predict that IAMGOLD will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

Institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its stake in shares of IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after buying an additional 4,267,084 shares during the period. Two Sigma Advisers LP increased 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 worth $52,735,000 after acquiring an additional 3,732,315 shares during the last quarter. FMR LLC raised its stake 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 acquiring an additional 4,577,599 shares during the period. Bank of Montreal Can lifted its holdings in IAMGOLD by 130.6% during the third 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 during the last quarter. Finally, Cibc World Market Inc. boosted its position in IAMGOLD by 54.0% during the fourth quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after purchasing an additional 1,795,869 shares during the period. 47.08% of the stock is owned by institutional investors.

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.