Zacks Investment Research upgraded shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) from a hold rating to a strong-buy rating in a report released on Tuesday. Zacks Investment Research currently has $5.25 price target 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 analysts have also recently issued reports about the stock. TD Securities upgraded shares of Iamgold Corporation from a hold rating to a buy rating in a research note on Tuesday, November 8th. Scotiabank restated a sector perform rating and issued a $5.75 price objective on shares of Iamgold Corporation in a research note on Tuesday, November 8th. RBC Capital Markets restated a hold rating and issued a $5.00 price objective on shares of Iamgold Corporation in a research note on Wednesday, January 4th. Credit Suisse Group cut shares of Iamgold Corporation from a neutral rating to an underperform rating in a research note on Friday, January 13th. Finally, Canaccord Genuity upgraded shares of Iamgold Corporation from a hold rating to a buy rating in a research note on Wednesday, October 19th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $4.39.
Shares of Iamgold Corporation (NYSE:IAG) traded up 2.05% on Tuesday, reaching $4.48. 2,082,702 shares of the company’s stock traded hands. Iamgold Corporation has a 52 week low of $1.40 and a 52 week high of $5.87. The firm’s market capitalization is $2.02 billion. The company’s 50-day moving average is $4.04 and its 200-day moving average is $4.17.
Iamgold Corporation (NYSE:IAG) last posted its earnings results on Monday, November 7th. The mining company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.03. The firm earned $282.40 million during the quarter, compared to analysts’ expectations of $258.10 million. Iamgold Corporation had a negative net margin of 63.53% and a negative return on equity of 2.05%. The company’s revenue was up 36.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.22) earnings per share. Equities research analysts anticipate that Iamgold Corporation will post $0.04 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the stock. Cipher Capital LP acquired a new stake in shares of Iamgold Corporation during the second quarter valued at about $101,000. ING Groep NV acquired a new stake in shares of Iamgold Corporation during the second quarter valued at about $114,000. World Asset Management Inc raised its stake in shares of Iamgold Corporation by 14.2% in the third quarter. World Asset Management Inc now owns 28,512 shares of the mining company’s stock valued at $115,000 after buying an additional 3,551 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Iamgold Corporation during the second quarter valued at about $122,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Iamgold Corporation by 50.1% in the second quarter. Tower Research Capital LLC TRC now owns 33,000 shares of the mining company’s stock valued at $176,000 after buying an additional 11,012 shares during the period. 54.98% of the stock is currently owned by hedge funds and other institutional investors.
Iamgold Corporation Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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