Wall Street Zen Downgrades Iamgold (NYSE:IAG) to Buy

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Other research analysts also recently issued research reports about the stock. Bank of America reduced their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Scotiabank lowered their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Royal Bank Of Canada dropped their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Stock Performance

Shares of Iamgold stock opened at $14.64 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. The stock’s fifty day moving average is $16.08 and its two-hundred day moving average is $18.25. Iamgold has a 52 week low of $6.69 and a 52 week high of $24.87. The company has a market capitalization of $8.41 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, analysts expect that Iamgold will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

A number of large investors have recently added to or reduced their stakes in IAG. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold during the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new position in Iamgold in the fourth quarter worth $33,000. Western Wealth Management LLC acquired a new position in shares of Iamgold during the first quarter worth $43,000. FNY Investment Advisers LLC acquired a new position in shares of Iamgold during the fourth quarter worth $38,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,150 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.