IAMGOLD (NYSE:IAG) Upgraded by Canaccord Genuity Group to Buy

Canaccord Genuity Group upgraded shares of IAMGOLD (NYSE:IAG - Free Report) TSE: IMG from a hold rating to a buy rating in a research note published on Tuesday morning, Marketbeat.com reports. Canaccord Genuity Group currently has $10.50 target price on the mining company's stock, up from their previous target price of $7.75.

Several other brokerages also recently issued reports on IAG. National Bank Financial raised shares of IAMGOLD from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 10th. StockNews.com raised shares of IAMGOLD from a "sell" rating to a "hold" rating in a research note on Saturday, August 17th. Canaccord Genuity Group raised shares of IAMGOLD from a "hold" rating to a "buy" rating in a research note on Tuesday. Scotiabank raised their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a "sector perform" rating in a research note on Monday, August 19th. Finally, CIBC raised their price objective on shares of IAMGOLD from $4.90 to $5.40 and gave the stock a "neutral" rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $6.07.

IAMGOLD Price Performance

Shares of IAMGOLD stock traded down $0.04 during trading on Tuesday, reaching $6.11. 10,049,531 shares of the stock traded hands, compared to its average volume of 9,177,287. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 21.82 and a beta of 1.59. The business has a fifty day simple moving average of $5.15 and a two-hundred day simple moving average of $4.34. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.34 and a quick ratio of 0.90. IAMGOLD has a 52-week low of $2.11 and a 52-week high of $6.37.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.08 by $0.08. The company had revenue of $385.30 million during the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same quarter in the prior year, the business posted ($0.01) EPS. Sell-side analysts expect that IAMGOLD will post 0.49 EPS for the current year.

Institutional Trading of IAMGOLD

A number of hedge funds have recently bought and sold shares of the stock. ORG Partners LLC acquired a new position in shares of IAMGOLD during the third quarter worth $29,000. Eastern Bank acquired a new position in shares of IAMGOLD during the third quarter worth $30,000. TIAA Trust National Association acquired a new position in shares of IAMGOLD during the second quarter worth $38,000. International Assets Investment Management LLC acquired a new position in shares of IAMGOLD during the third quarter worth $700,000. Finally, WINTON GROUP Ltd acquired a new position in shares of IAMGOLD during the second quarter worth $52,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

IAMGOLD Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.