IAMGOLD (NYSE:IAG) Upgraded to Sector Outperform at CIBC

CIBC upgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a neutral rating to a sector outperform rating in a research note issued to investors on Monday morning, MarketBeat reports.

IAG has been the topic of a number of other research reports. Scotiabank raised their price target on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a report on Monday, August 19th. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Performance

NYSE IAG opened at $5.67 on Monday. 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 52-week low of $2.11 and a 52-week high of $6.37. The business’s 50-day moving average price is $5.35 and its 200 day moving average price is $4.69. The firm has a market cap of $3.24 billion, a P/E ratio of 4.43 and a beta of 1.56.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. ORG Partners LLC acquired a new position in IAMGOLD in the 3rd quarter valued at $29,000. Eastern Bank purchased a new position in IAMGOLD in the 3rd quarter valued at about $30,000. TIAA Trust National Association purchased a new position in IAMGOLD in the 2nd quarter valued at about $38,000. Cetera Advisors LLC purchased a new position in IAMGOLD in the 1st quarter valued at about $50,000. Finally, WINTON GROUP Ltd purchased a new position in IAMGOLD in the 2nd quarter valued at about $52,000. 47.08% of the stock is currently 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.