Stifel Canada Upgrades Iamgold (NYSE:IAG) to Strong-Buy

Key Points

• Stifel Canada has upgraded Iamgold from a "hold" rating to a "strong-buy" rating, reflecting increased confidence in the company's performance.
• Multiple analysts have recently raised their target price for Iamgold, with CIBC increasing it from $10.40 to $19.00 and Royal Bank of Canada from $9.00 to $14.00.
• Currently, Iamgold holds a consensus rating of "Buy" among research analysts, with a consensus target price set at $12.85.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG was upgraded by Stifel Canada from a "hold" rating to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

IAG has been the topic of a number of other research reports. Royal Bank Of Canada upgraded Iamgold from a "sector perform" rating to an "outperform" rating and lifted their target price for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research report on Wednesday, October 8th. Raymond James Financial lifted their target price on Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a research report on Friday, October 10th. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Finally, CIBC lifted their target price on Iamgold from $10.40 to $19.00 and gave the company an "outperformer" rating in a research report on Friday, October 10th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $12.85.

Iamgold Trading Up 2.2%

Shares of Iamgold stock opened at $13.65 on Monday. The business has a fifty day simple moving average of $11.00 and a two-hundred day simple moving average of $8.46. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.48 and a beta of 1.24. Iamgold has a 1 year low of $4.89 and a 1 year high of $14.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The business had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. Research analysts forecast that Iamgold will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors have recently modified their holdings of IAG. T. Rowe Price Investment Management Inc. acquired a new position in shares of Iamgold during the first quarter worth approximately $45,911,000. Mackenzie Financial Corp grew its holdings in Iamgold by 183.5% during the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company's stock worth $56,118,000 after buying an additional 4,928,077 shares in the last quarter. Bornite Capital Management LP bought a new stake in Iamgold during the second quarter worth $34,089,000. Nuveen LLC bought a new stake in Iamgold during the first quarter worth $20,620,000. Finally, Anson Funds Management LP grew its holdings in Iamgold by 2,100.0% during the first quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company's stock worth $20,598,000 after buying an additional 3,150,000 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.

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