Iamgold Corp. (NYSE:IAG) was upgraded by equities researchers at Canaccord Genuity from a “hold” rating to a “buy” rating in a report released on Wednesday.

A number of other equities research analysts have also issued reports on the stock. Credit Suisse Group AG raised shares of Iamgold Corp. from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $3.00 to $5.25 in a report on Thursday, June 30th. Paradigm Capital raised shares of Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Monday, July 18th. Zacks Investment Research lowered shares of Iamgold Corp. from a “hold” rating to a “sell” rating in a report on Monday. Royal Bank Of Canada raised shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating and upped their target price for the stock from $5.50 to $6.50 in a report on Monday, August 8th. Finally, Scotiabank raised shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a report on Wednesday, July 13th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $3.61.

Analyst Recommendations for Iamgold Corp. (NYSE:IAG)

Iamgold Corp. (NYSE:IAG) opened at 3.66 on Wednesday. The firm has a 50-day moving average price of $3.89 and a 200-day moving average price of $3.95. Iamgold Corp. has a 1-year low of $1.15 and a 1-year high of $5.87. The firm’s market capitalization is $1.49 billion.

Iamgold Corp. (NYSE:IAG) last released its earnings results on Wednesday, August 3rd. The mining company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. Iamgold Corp. had a negative net margin of 80.04% and a negative return on equity of 5.16%. The business earned $232.50 million during the quarter, compared to analyst estimates of $245.68 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts expect that Iamgold Corp. will post $0.04 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in IAG. Cipher Capital LP purchased a new position in shares of Iamgold Corp. during the second quarter valued at $101,000. World Asset Management Inc boosted its position in shares of Iamgold Corp. by 10.7% in the second quarter. World Asset Management Inc now owns 24,961 shares of the mining company’s stock valued at $103,000 after buying an additional 2,406 shares in the last quarter. ING Groep NV purchased a new position in shares of Iamgold Corp. during the second quarter valued at $114,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Iamgold Corp. during the second quarter valued at $122,000. Finally, Societe Generale purchased a new position in shares of Iamgold Corp. during the second quarter valued at $148,000. 48.37% of the stock is owned by institutional investors and hedge funds.

Iamgold Corp. 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.

5 Day Chart for NYSE:IAG

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