Iamgold Corp. (IAG) Downgraded by Zacks Investment Research
Iamgold Corp. (NYSE:IAG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
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. “
A number of other research firms have also weighed in on IAG. RBC Capital Markets upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and increased their price target for the company from $5.50 to $6.50 in a research report on Monday, August 8th. Royal Bank Of Canada upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and raised their price objective for the stock from $5.50 to $6.50 in a research report on Monday, August 8th. Credit Suisse Group AG initiated coverage on Iamgold Corp. in a research report on Thursday, August 18th. They set a “neutral” rating and a $5.25 price objective for the company. Paradigm Capital upgraded Iamgold Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 18th. Finally, Scotiabank upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, July 13th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. Iamgold Corp. presently has an average rating of “Hold” and a consensus target price of $3.61.
Shares of Iamgold Corp. (NYSE:IAG) traded up 1.78% during mid-day trading on Monday, reaching $3.43. 6,857,170 shares of the company’s stock traded hands. Iamgold Corp. has a 1-year low of $1.15 and a 1-year high of $5.87. The company’s market capitalization is $1.39 billion. The firm has a 50-day moving average price of $3.90 and a 200-day moving average price of $3.94.
Iamgold Corp. (NYSE:IAG) last released its quarterly earnings results on Wednesday, August 3rd. The mining company reported $0.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.03. Iamgold Corp. had a negative return on equity of 5.16% and a negative net margin of 80.04%. The business earned $232.50 million during the quarter, compared to analyst estimates of $245.68 million. During the same quarter last year, the company posted ($0.08) EPS. Iamgold Corp.’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts forecast that Iamgold Corp. will post $0.04 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cipher Capital LP bought a new position in shares of Iamgold Corp. during the second quarter worth $101,000. World Asset Management Inc increased its position in shares of Iamgold Corp. by 10.7% in the second quarter. World Asset Management Inc now owns 24,961 shares of the mining company’s stock worth $103,000 after buying an additional 2,406 shares during the last quarter. ING Groep NV bought a new position in shares of Iamgold Corp. during the second quarter worth $114,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Iamgold Corp. during the second quarter worth $122,000. Finally, Societe Generale bought a new position in shares of Iamgold Corp. during the second quarter worth $148,000. 48.37% of the stock is currently owned by institutional investors and hedge funds.
Iamgold Corp. Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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