Iamgold (NYSE:IAG) Stock Rating Upgraded by Wall Street Zen

Iamgold (NYSE:IAG) (TSE:IMG) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued reports about the stock. Scotiabank raised their target price on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday. They set a “buy” rating and a $24.00 price target for the company. Bank of America cut their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada lowered their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Iamgold Stock Down 0.1%

Shares of NYSE:IAG opened at $21.11 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 1.12 and a beta of 1.32. The stock’s 50-day moving average price is $16.27 and its two-hundred day moving average price is $18.01. Iamgold has a 12-month low of $8.29 and a 12-month high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. On average, research analysts forecast that Iamgold will post 1.92 EPS for the current year.

Hedge Funds Weigh In On Iamgold

Several hedge funds and other institutional investors have recently modified their holdings of IAG. BlackRock Inc. purchased a new stake in Iamgold during the second quarter worth approximately $350,145,000. FIL Ltd lifted its holdings in shares of Iamgold by 124.0% during the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after acquiring an additional 20,134,496 shares in the last quarter. Donald Smith & CO. Inc. purchased a new stake in Iamgold during the 2nd quarter worth $206,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Iamgold during the 2nd quarter worth $158,877,000. Finally, Bank of America Corp DE acquired a new stake in Iamgold in the 2nd quarter valued at $151,716,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.