Iamgold Corporation (IAG) Upgraded to “Buy” at BMO Capital Markets

Iamgold Corporation (NYSE:IAG) (TSE:IMG) was upgraded by analysts at BMO Capital Markets to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $8.00 target price on the mining company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 38.89% from the stock’s previous close.

IAG has been the subject of a number of other research reports. National Bank Financial restated an “outperform market weight” rating on shares of Iamgold Corporation in a research report on Sunday, May 14th. TheStreet upgraded Iamgold Corporation from a “c-” rating to a “b” rating in a research report on Thursday, August 17th. Royal Bank Of Canada restated a “hold” rating on shares of Iamgold Corporation in a research report on Wednesday, July 12th. Zacks Investment Research lowered Iamgold Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Finally, ValuEngine upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $6.38.

Shares of Iamgold Corporation (IAG) opened at 5.76 on Tuesday. The company has a market capitalization of $2.68 billion, a P/E ratio of 5.25 and a beta of -0.31. The company’s 50 day moving average price is $5.27 and its 200 day moving average price is $4.59. Iamgold Corporation has a 12 month low of $3.14 and a 12 month high of $5.93.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.01. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The business had revenue of $274.50 million during the quarter, compared to analyst estimates of $267.07 million. During the same quarter in the prior year, the business posted $0.01 EPS. Iamgold Corporation’s revenue for the quarter was up 18.1% compared to the same quarter last year. Analysts expect that Iamgold Corporation will post $0.03 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank raised its position in Iamgold Corporation by 1.9% in the first quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock valued at $104,000 after buying an additional 485 shares in the last quarter. World Asset Management Inc raised its position in Iamgold Corporation by 3.9% in the first quarter. World Asset Management Inc now owns 27,537 shares of the mining company’s stock valued at $110,000 after buying an additional 1,040 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Iamgold Corporation by 102.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,299 shares of the mining company’s stock valued at $110,000 after buying an additional 10,773 shares in the last quarter. Sprott Inc. bought a new position in Iamgold Corporation during the second quarter valued at approximately $114,000. Finally, Quantbot Technologies LP bought a new position in Iamgold Corporation during the second quarter valued at approximately $131,000. Institutional investors own 57.32% of the company’s stock.

About Iamgold Corporation

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

Analyst Recommendations for Iamgold Corporation (NYSE:IAG)




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