Zacks Investment Research Upgrades Iamgold Corporation (IAG) to Buy
Iamgold Corporation (NYSE:IAG) (TSE:IMG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $6.50 target price on the mining company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.44% from the stock’s current price.
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 brokerages have also issued reports on IAG. BidaskClub upgraded Iamgold Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. BMO Capital Markets reiterated a “buy” rating and set a $8.00 target price on shares of Iamgold Corporation in a research report on Monday, October 2nd. ValuEngine upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Royal Bank Of Canada decreased their target price on Iamgold Corporation from $6.50 to $6.00 and set a “sector perform” rating on the stock in a research report on Friday, July 28th. Finally, Scotiabank increased their target price on Iamgold Corporation from $5.75 to $6.25 and gave the company a “sector perform” rating in a research report on Tuesday, August 1st. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Iamgold Corporation presently has a consensus rating of “Hold” and a consensus target price of $7.23.
Iamgold Corporation (NYSE IAG) traded down 0.17% during midday trading on Monday, hitting $5.73. 3,121,067 shares of the stock traded hands. The company’s 50 day moving average price is $6.33 and its 200 day moving average price is $5.28. Iamgold Corporation has a 12 month low of $3.16 and a 12 month high of $7.25. The firm has a market cap of $2.66 billion, a PE ratio of 5.22 and a beta of -0.48.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The firm had revenue of $274.50 million for the quarter, compared to analyst estimates of $267.07 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s revenue was up 18.1% on a year-over-year basis. Equities research analysts predict that Iamgold Corporation will post $0.06 earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC increased its stake in shares of Iamgold Corporation by 4.9% in the 2nd quarter. Renaissance Technologies LLC now owns 18,851,800 shares of the mining company’s stock worth $97,275,000 after acquiring an additional 873,700 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Iamgold Corporation by 9.7% in the 2nd quarter. Vanguard Group Inc. now owns 9,492,363 shares of the mining company’s stock worth $48,980,000 after acquiring an additional 838,766 shares during the last quarter. Tocqueville Asset Management L.P. increased its stake in shares of Iamgold Corporation by 183.9% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 6,850,300 shares of the mining company’s stock worth $35,348,000 after acquiring an additional 4,437,200 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Iamgold Corporation by 1.2% in the 2nd quarter. Franklin Resources Inc. now owns 5,452,000 shares of the mining company’s stock worth $28,132,000 after acquiring an additional 65,000 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Iamgold Corporation 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 acquiring an additional 3,732,543 shares during the last quarter. Institutional investors 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.
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