Zacks Investment Research upgraded shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) from a hold rating to a buy rating in a report published on Monday, July 17th. The brokerage currently has $5.75 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. “
Other research analysts have also issued reports about the stock. National Bank Financial restated an outperform market weight rating on shares of Iamgold Corporation in a research report on Sunday, May 14th. Royal Bank Of Canada restated a hold rating on shares of Iamgold Corporation in a research report on Wednesday, July 12th. Credit Suisse Group restated a hold rating and set a $5.00 price target on shares of Iamgold Corporation in a research report on Wednesday, June 7th. Scotiabank upgraded shares of Iamgold Corporation from an underperform rating to a sector perform rating in a research report on Wednesday, May 10th. Finally, Raymond James Financial, Inc. restated a market perform rating and set a $6.00 price target on shares of Iamgold Corporation in a research report on Thursday, June 15th. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $5.88.
Shares of Iamgold Corporation (NYSE IAG) opened at 5.45 on Monday. The company’s 50-day moving average price is $5.19 and its 200-day moving average price is $4.54. Iamgold Corporation has a 12 month low of $3.14 and a 12 month high of $5.71. The firm’s market cap is $2.53 billion.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $274.50 million during the quarter, compared to analyst estimates of $267.07 million. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. Iamgold Corporation’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.01 EPS. On average, analysts predict that Iamgold Corporation will post $0.04 EPS for the current year.
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Several hedge funds have recently bought and sold shares of IAG. Comerica Bank increased its stake in Iamgold Corporation by 1.9% in the first quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock worth $104,000 after buying an additional 485 shares in the last quarter. World Asset Management Inc increased its stake in Iamgold Corporation by 3.9% in the first quarter. World Asset Management Inc now owns 27,537 shares of the mining company’s stock worth $110,000 after buying an additional 1,040 shares in the last quarter. Sprott Inc. bought a new stake in Iamgold Corporation during the second quarter worth about $114,000. Quantbot Technologies LP bought a new stake in Iamgold Corporation during the second quarter worth about $131,000. Finally, Acadian Asset Management LLC bought a new stake in Iamgold Corporation during the second quarter worth about $137,000. 57.95% of the stock is owned by institutional investors.
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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