Iamgold Corporation (NYSE:IAG) (TSE:IMG) was upgraded by research analysts at CIBC from a “sector perform” rating to a “sector outperform” rating in a research report issued on Wednesday, Marketbeat reports. The firm presently has a $7.00 price objective on the mining company’s stock, up from their previous price objective of $6.93. CIBC’s price objective would suggest a potential downside of 0.43% from the company’s current price.

IAG has been the topic of several other research reports. Zacks Investment Research upgraded shares of Iamgold Corporation from a “hold” rating to a “strong-buy” rating and set a $5.75 price target on the stock in a research report on Wednesday, June 21st. Credit Suisse Group set a $6.00 price target on shares of Iamgold Corporation and gave the stock a “hold” rating in a research report on Wednesday, June 14th. BMO Capital Markets set a $5.00 price target on shares of Iamgold Corporation and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Scotiabank boosted their price target on shares of Iamgold Corporation from $5.75 to $6.25 and gave the stock a “sector perform” rating in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded shares of Iamgold Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $6.71.

Iamgold Corporation (NYSE:IAG) traded down 2.50% during trading on Wednesday, hitting $7.03. 9,826,325 shares of the company traded hands. Iamgold Corporation has a 52 week low of $3.14 and a 52 week high of $7.25. The company’s 50 day moving average is $5.79 and its 200-day moving average is $4.75. The stock has a market capitalization of $3.27 billion, a PE ratio of 6.41 and a beta of -0.40.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. The company had revenue of $274.50 million for the quarter, compared to analysts’ expectations of $267.07 million. During the same quarter in the previous year, the business posted $0.01 earnings per share. Iamgold Corporation’s quarterly revenue was up 18.1% on a year-over-year basis. Analysts predict that Iamgold Corporation will post $0.06 earnings per share for the current year.

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Hedge funds have recently bought and sold shares of the business. Comerica Bank increased its position in Iamgold Corporation by 1.9% during the first quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock valued at $104,000 after acquiring an additional 485 shares during the last quarter. World Asset Management Inc increased its position in Iamgold Corporation by 3.9% during the first quarter. World Asset Management Inc now owns 27,537 shares of the mining company’s stock valued at $110,000 after acquiring an additional 1,040 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Iamgold Corporation by 102.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,299 shares of the mining company’s stock valued at $110,000 after acquiring an additional 10,773 shares during the last quarter. Sprott Inc. bought a new position in Iamgold Corporation during the second quarter valued at $114,000. Finally, Quantbot Technologies LP bought a new position in Iamgold Corporation during the second quarter valued at $131,000. Institutional investors and hedge funds own 56.35% of the company’s stock.

About Iamgold Corporation

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.

Analyst Recommendations for Iamgold Corporation (NYSE:IAG)

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