IAMGOLD (NYSE:IAG) Stock Rating Upgraded by Cibc World Mkts

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by stock analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research note on Tuesday, October 22nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and upped their price target for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Finally, Scotiabank upped their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Performance

Shares of IAMGOLD stock opened at $5.73 on Monday. The business’s fifty day simple moving average is $5.35 and its 200 day simple moving average is $4.68. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. IAMGOLD has a 12 month low of $2.11 and a 12 month high of $6.37. The firm has a market capitalization of $3.27 billion, a P/E ratio of 4.47 and a beta of 1.56.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in IAMGOLD by 368.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock worth $7,772,000 after acquiring an additional 1,196,564 shares during the last quarter. Semanteon Capital Management LP bought a new position in shares of IAMGOLD in the third quarter worth approximately $503,000. Van ECK Associates Corp increased its stake in shares of IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after buying an additional 4,267,084 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in IAMGOLD by 158.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock valued at $24,301,000 after buying an additional 2,839,556 shares during the last quarter. Finally, U S Global Investors Inc. boosted its position in IAMGOLD by 241.6% during the 3rd quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after buying an additional 604,114 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About IAMGOLD

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.