Zacks Investment Research Upgrades IAMGOLD (IAG) to “Strong-Buy”

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The brokerage currently has a $6.75 price target on the mining company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 15.98% 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. “

Other research analysts have also issued research reports about the company. Scotiabank reissued a “hold” rating on shares of IAMGOLD in a research report on Tuesday, November 14th. Desjardins reissued a “buy” rating on shares of IAMGOLD in a research report on Monday, December 11th. BMO Capital Markets reissued a “buy” rating and issued a $8.00 target price on shares of IAMGOLD in a research report on Wednesday, November 8th. Canaccord Genuity lowered IAMGOLD from a “buy” rating to a “hold” rating and set a $8.07 target price for the company. in a research report on Friday, September 29th. Finally, TheStreet lowered IAMGOLD from a “b” rating to a “c+” rating in a research report on Thursday, November 16th. Seven analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $7.01.

IAMGOLD (NYSE:IAG) opened at $5.82 on Wednesday. IAMGOLD has a 52-week low of $3.36 and a 52-week high of $7.25. The stock has a market capitalization of $2,710.00, a P/E ratio of 5.34, a PEG ratio of 22.65 and a beta of -0.57. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.78 and a quick ratio of 3.85.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, November 7th. The mining company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.05. IAMGOLD had a return on equity of 1.81% and a net margin of 48.66%. The firm had revenue of $268.80 million during the quarter, compared to analyst estimates of $268.62 million. During the same quarter in the prior year, the company earned $0.05 EPS. The business’s revenue was down 4.8% compared to the same quarter last year. research analysts expect that IAMGOLD will post 0.09 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC increased its position in IAMGOLD by 204.5% during the 3rd quarter. Virtu Financial LLC now owns 162,480 shares of the mining company’s stock valued at $299,000 after buying an additional 109,116 shares in the last quarter. Cubist Systematic Strategies LLC increased its position in IAMGOLD by 1,083.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 124,726 shares of the mining company’s stock valued at $762,000 after buying an additional 114,183 shares in the last quarter. U S Global Investors Inc. increased its position in IAMGOLD by 113.9% during the 3rd quarter. U S Global Investors Inc. now owns 28,955 shares of the mining company’s stock valued at $177,000 after buying an additional 15,419 shares in the last quarter. Magnetar Financial LLC bought a new position in IAMGOLD during the 3rd quarter valued at approximately $542,000. Finally, OxFORD Asset Management LLP bought a new position in IAMGOLD during the 3rd quarter valued at approximately $873,000. 56.04% of the stock is owned by institutional investors.

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IAMGOLD 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.

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