Iamgold Corporation (IAG) Stock Rating Lowered by Zacks Investment Research
Iamgold Corporation (NYSE:IAG) (TSE:IMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “IAMGOLD Corp is an international gold exploration and mining company based in Canada. It holds a 38% stake in the Sadiola Gold Mine and a 40% stake in the Yatela Gold Mine. Both are located in Mali, West Africa. Measured and indicated resources at Sadiola and Yatela are 5.5 million ounces of gold (including reserves of 5.2 million ounces). Inferred resources are 5.9 million ounces. IAMGOLD is actively exploring highly prospective ground in Africa and South America. “
Other research analysts have also recently issued reports about the company. TheStreet raised Iamgold Corporation from a “c-” rating to a “b” rating in a research report on Thursday, August 17th. BidaskClub raised Iamgold Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. BMO Capital Markets reaffirmed a “buy” rating and set a $8.00 price objective on shares of Iamgold Corporation in a research report on Monday, October 2nd. ValuEngine raised Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Finally, Credit Suisse Group set a $6.00 price objective on Iamgold Corporation and gave the stock a “hold” rating in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Iamgold Corporation currently has an average rating of “Hold” and a consensus target price of $7.04.
Iamgold Corporation (NYSE:IAG) traded down 5.51% during midday trading on Tuesday, hitting $5.66. The stock had a trading volume of 16,326,681 shares. The stock has a 50-day moving average of $6.46 and a 200-day moving average of $5.21. The firm has a market cap of $2.63 billion, a P/E ratio of 5.16 and a beta of -0.48. Iamgold Corporation has a 52 week low of $3.16 and a 52 week high of $7.25.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. The company had revenue of $274.50 million during the quarter, compared to analysts’ expectations of $267.07 million. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. Iamgold Corporation’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 earnings per share. Analysts forecast that Iamgold Corporation will post $0.06 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of IAG. Wells Fargo & Company MN boosted its position in Iamgold Corporation by 2.6% during the first quarter. Wells Fargo & Company MN now owns 64,657 shares of the mining company’s stock valued at $258,000 after purchasing an additional 1,662 shares during the last quarter. Comerica Bank boosted its position in Iamgold Corporation by 1.9% during the first quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock valued at $104,000 after purchasing an additional 485 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Iamgold Corporation by 245.8% during the first quarter. UBS Asset Management Americas Inc. now owns 593,226 shares of the mining company’s stock valued at $2,366,000 after purchasing an additional 421,699 shares during the last quarter. FMR LLC acquired a new position in Iamgold Corporation during the first quarter valued at approximately $4,943,000. Finally, Vanguard Group Inc. boosted its position in Iamgold Corporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 8,653,597 shares of the mining company’s stock valued at $34,615,000 after purchasing an additional 326,515 shares during the last quarter. 56.35% of the stock is owned by hedge funds and other institutional investors.
About Iamgold Corporation
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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