Iamgold Corporation (IAG) Stock Rating Reaffirmed by Scotiabank

Iamgold Corporation (NYSE:IAG) (TSE:IMG)‘s stock had its “hold” rating restated by stock analysts at Scotiabank in a research report issued to clients and investors on Tuesday.

A number of other research firms also recently issued reports on IAG. CIBC upgraded shares of Iamgold Corporation from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $6.93 to $7.00 in a report on Wednesday, September 6th. Raymond James Financial, Inc. raised their price objective on shares of Iamgold Corporation from $6.00 to $7.25 and gave the stock a “market perform” rating in a report on Thursday, September 7th. Canaccord Genuity downgraded shares of Iamgold Corporation from a “buy” rating to a “hold” rating and set a $8.07 price objective for the company. in a report on Friday, September 29th. Royal Bank Of Canada set a $7.00 price objective on shares of Iamgold Corporation and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, BMO Capital Markets restated a “buy” rating and set a $8.00 price objective on shares of Iamgold Corporation in a report on Monday, October 2nd. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $7.10.

Shares of Iamgold Corporation (IAG) traded up $0.05 during mid-day trading on Tuesday, hitting $5.83. 5,443,000 shares of the stock traded hands, compared to its average volume of 7,123,643. The stock has a market capitalization of $2,687.12, a P/E ratio of 57.80, a P/E/G ratio of 22.67 and a beta of -0.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.85 and a current ratio of 4.78. Iamgold Corporation has a 52 week low of $3.16 and a 52 week high of $7.25.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, November 7th. The mining company reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.05. Iamgold Corporation had a net margin of 48.66% and a return on equity of 1.81%. The company had revenue of $268.80 million during the quarter, compared to the consensus estimate of $268.62 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. equities research analysts predict that Iamgold Corporation will post 0.09 earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the company. AGF Investments Inc. boosted its position in shares of Iamgold Corporation by 1,868.1% in the second quarter. AGF Investments Inc. now owns 213,600 shares of the mining company’s stock valued at $1,102,000 after acquiring an additional 202,747 shares during the period. Heartland Advisors Inc. raised its stake in Iamgold Corporation by 372.1% in the third quarter. Heartland Advisors Inc. now owns 3,634,511 shares of the mining company’s stock valued at $22,222,000 after purchasing an additional 2,864,661 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Iamgold Corporation in the second quarter valued at approximately $4,103,000. Royal Bank of Canada raised its stake in Iamgold Corporation by 496.5% in the second quarter. Royal Bank of Canada now owns 4,484,298 shares of the mining company’s stock valued at $23,138,000 after purchasing an additional 3,732,543 shares in the last quarter. Finally, Tocqueville Asset Management L.P. raised its stake in Iamgold Corporation by 21.1% in the third quarter. Tocqueville Asset Management L.P. now owns 8,294,577 shares of the mining company’s stock valued at $50,597,000 after purchasing an additional 1,444,277 shares in the last quarter. Institutional investors own 54.13% of the company’s stock.

Iamgold Corporation Company Profile

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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