IAMGOLD (NYSE:IAG) Upgraded at CIBC

IAMGOLD (NYSE:IAG) (TSE:IMG) was upgraded by CIBC from a “neutral” rating to a “sector outperform” rating in a research note issued on Monday, MarketBeat Ratings reports.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reaffirmed 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 research report on Tuesday, October 22nd. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Finally, Scotiabank upped their price objective on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.68.

IAMGOLD Price Performance

IAMGOLD stock traded down $0.08 during mid-day trading on Monday, reaching $5.42. 1,025,338 shares of the company’s stock traded hands, compared to its average volume of 8,929,211. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 4.23 and a beta of 1.57. The stock has a 50 day moving average of $5.34 and a two-hundred day moving average of $4.67. The company has a quick ratio of 0.61, a current ratio of 0.89 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.

Institutional Investors Weigh In On IAMGOLD

A number of institutional investors have recently added to or reduced their stakes in IAG. Vanguard Group Inc. boosted its holdings in IAMGOLD by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,678,843 shares of the mining company’s stock worth $58,871,000 after acquiring an additional 168,302 shares in the last quarter. Cetera Advisors LLC acquired a new stake in IAMGOLD in the first quarter worth about $50,000. Continuum Advisory LLC boosted its holdings in IAMGOLD by 92.9% in the second quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock worth $77,000 after acquiring an additional 9,850 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in IAMGOLD in the second quarter worth about $183,000. Finally, Intact Investment Management Inc. boosted its holdings in IAMGOLD by 99.2% in the second quarter. Intact Investment Management Inc. now owns 1,313,100 shares of the mining company’s stock worth $4,933,000 after acquiring an additional 654,000 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

IAMGOLD Company Profile

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.