Iamgold (NYSE:IAG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks.com reports.

IAG has been the subject of a number of other reports. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. CIBC upped their target price on Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Stifel Canada upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Scotiabank lifted their price target on Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Iamgold has a consensus rating of “Buy” and an average price target of $15.25.

Iamgold Stock Performance

Shares of IAG stock opened at $17.71 on Monday. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 0.47 and a beta of 1.39. The stock has a fifty day moving average of $14.01 and a 200 day moving average of $10.76. Iamgold has a 52 week low of $4.98 and a 52 week high of $17.91. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. The business had revenue of $714.61 million for the quarter, compared to the consensus estimate of $759.45 million. As a group, research analysts expect that Iamgold will post 0.67 earnings per share for the current year.

Institutional Trading of Iamgold

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Van ECK Associates Corp boosted its holdings in Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after acquiring an additional 13,691,148 shares in the last quarter. CI Investments Inc. purchased a new position in shares of Iamgold in the 3rd quarter worth about $96,747,000. Mackenzie Financial Corp boosted its stake in Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after purchasing an additional 4,928,077 shares in the last quarter. Bornite Capital Management LP bought a new position in Iamgold in the 2nd quarter worth about $34,089,000. Finally, Ninety One UK Ltd grew its position in Iamgold by 127.7% during the 2nd quarter. Ninety One UK Ltd now owns 5,347,405 shares of the mining company’s stock valued at $39,303,000 after purchasing an additional 2,998,882 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

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.