Iamgold Corp. (IAG) Upgraded to “Buy” by Canaccord Genuity
Iamgold Corp. (NYSE:IAG) was upgraded by research analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, The Fly reports.
IAG has been the subject of a number of other reports. Zacks Investment Research downgraded Iamgold Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, October 11th. Paradigm Capital upgraded Iamgold Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 18th. Credit Suisse Group AG started coverage on Iamgold Corp. in a research note on Thursday, August 18th. They issued a “neutral” rating and a $5.25 target price for the company. RBC Capital Markets upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and raised their target price for the company from $5.50 to $6.50 in a research note on Monday, August 8th. Finally, CIBC upgraded Iamgold Corp. from a “sector underperform” rating to a “sector perform” rating in a research note on Monday, June 27th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $3.61.
Shares of Iamgold Corp. (NYSE:IAG) opened at 3.66 on Wednesday. Iamgold Corp. has a 12-month low of $1.15 and a 12-month high of $5.87. The company’s 50-day moving average price is $3.89 and its 200 day moving average price is $3.95. The company’s market cap is $1.49 billion.
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Iamgold Corp. (NYSE:IAG) last issued its quarterly earnings results on Wednesday, August 3rd. The mining company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. Iamgold Corp. had a negative return on equity of 5.16% and a negative net margin of 80.04%. The firm earned $232.50 million during the quarter, compared to the consensus estimate of $245.68 million. During the same period last year, the business posted ($0.08) EPS. The business’s revenue was up 2.6% compared to the same quarter last year. Equities analysts predict that Iamgold Corp. will post $0.04 earnings per share for the current year.
Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Iamgold Corp. by 675.4% in the first quarter. JPMorgan Chase & Co. now owns 560,427 shares of the mining company’s stock worth $1,239,000 after buying an additional 488,151 shares during the last quarter. Credit Agricole S A acquired a new position in shares of Iamgold Corp. during the first quarter worth approximately $3,550,000. AXA acquired a new position in shares of Iamgold Corp. during the first quarter worth approximately $1,014,000. HBK Investments L P acquired a new position in shares of Iamgold Corp. during the first quarter worth approximately $612,000. Finally, Renaissance Technologies LLC boosted its position in shares of Iamgold Corp. by 80.9% in the first quarter. Renaissance Technologies LLC now owns 12,614,296 shares of the mining company’s stock worth $27,877,000 after buying an additional 5,642,996 shares during the last quarter. 48.37% of the stock is owned by institutional investors and hedge funds.
About Iamgold Corp.
IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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