Iamgold (NYSE:IAG) Downgraded by Zacks Research to “Strong Sell”

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday, Zacks reports.

Several other equities research analysts also recently commented on the company. Weiss Ratings upgraded Iamgold from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Raymond James Financial upped their target price on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Canadian Imperial Bank of Commerce set a $25.00 target price on Iamgold in a report on Friday, October 16th. Scotiabank increased their target price on Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Finally, Freedom Broker initiated coverage on shares of Iamgold in a research report on Wednesday, October 7th. They issued a “buy” rating and a $23.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and an average price target of $22.86.

Iamgold Stock Performance

Shares of IAG opened at $17.81 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a 50-day moving average of $19.45 and a 200-day moving average of $17.72. The company has a market cap of $10.14 billion, a PE ratio of 9.00, a P/E/G ratio of 1.32 and a beta of 1.41. Iamgold has a one year low of $10.87 and a one year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The business had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. On average, equities research analysts predict that Iamgold will post 1.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sigma Planning Corp raised its holdings in shares of Iamgold by 1.9% in the 2nd quarter. Sigma Planning Corp now owns 41,660 shares of the mining company’s stock worth $660,000 after acquiring an additional 765 shares during the last quarter. IFP Advisors Inc lifted its position in Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock valued at $52,000 after acquiring an additional 813 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after acquiring an additional 1,150 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new position in Iamgold in the 2nd quarter valued at about $28,000. Finally, Parallel Advisors LLC lifted its position in Iamgold by 59.4% in the 1st quarter. Parallel Advisors LLC now owns 5,730 shares of the mining company’s stock valued at $108,000 after acquiring an additional 2,135 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD’s principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.