IAMGOLD (IAG) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a neutral rating to a buy rating in a research note released on Friday morning, Marketbeat Ratings reports. The firm currently has $8.00 price objective on the mining company’s stock.

Other equities analysts have also recently issued reports about the company. Canaccord Genuity upgraded IAMGOLD from a hold rating to a buy rating in a report on Wednesday, January 17th. Zacks Investment Research cut IAMGOLD from a strong-buy rating to a hold rating in a report on Tuesday, January 23rd. ValuEngine upgraded IAMGOLD from a hold rating to a buy rating in a report on Monday, April 2nd. BMO Capital Markets cut IAMGOLD to a hold rating in a report on Friday, February 16th. Finally, CIBC set a $7.50 target price on IAMGOLD and gave the company an outperform rating in a report on Wednesday, January 17th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. IAMGOLD currently has a consensus rating of Buy and a consensus target price of $7.17.

NYSE IAG opened at $5.59 on Friday. IAMGOLD has a twelve month low of $3.55 and a twelve month high of $7.25. The firm has a market cap of $2,602.70, a PE ratio of 93.17, a price-to-earnings-growth ratio of 16.91 and a beta of -0.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.02 and a quick ratio of 4.16.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its earnings results on Wednesday, February 21st. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). IAMGOLD had a net margin of 45.81% and a return on equity of 1.08%. The firm had revenue of $291.10 million for the quarter, compared to analysts’ expectations of $280.04 million. During the same quarter last year, the business earned ($0.01) earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year. equities analysts expect that IAMGOLD will post 0.11 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Two Sigma Securities LLC raised its position in IAMGOLD by 41.5% in the 4th quarter. Two Sigma Securities LLC now owns 50,760 shares of the mining company’s stock valued at $296,000 after purchasing an additional 14,895 shares in the last quarter. Two Sigma Advisers LP raised its position in IAMGOLD by 13.9% in the 4th quarter. Two Sigma Advisers LP now owns 1,873,597 shares of the mining company’s stock valued at $10,938,000 after purchasing an additional 228,586 shares in the last quarter. QS Investors LLC raised its position in IAMGOLD by 1,465.8% in the 4th quarter. QS Investors LLC now owns 661,335 shares of the mining company’s stock valued at $3,856,000 after purchasing an additional 619,100 shares in the last quarter. BlueCrest Capital Management Ltd raised its position in IAMGOLD by 21.1% in the 4th quarter. BlueCrest Capital Management Ltd now owns 550,000 shares of the mining company’s stock valued at $3,207,000 after purchasing an additional 95,947 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in IAMGOLD by 13.9% in the 4th quarter. Renaissance Technologies LLC now owns 27,774,896 shares of the mining company’s stock valued at $161,930,000 after purchasing an additional 3,382,000 shares in the last quarter. 57.39% of the stock is currently owned by institutional investors.

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About IAMGOLD

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interest in the Rosebel gold mine located in north eastern Suriname, South America; Essakane gold mine in north-eastern Burkina Faso, West Africa; Westwood gold mine in southwestern Québec, Canada; the Sadiola Gold Mine located in southwest Mali, West Africa; and Yatela gold mines situated in southwest Mali, West Africa.

Analyst Recommendations for IAMGOLD (NYSE:IAG)

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