Iamgold Corporation (IAG) Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) from a hold rating to a sell rating in a report issued 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 analysts also recently issued research reports about the company. TheStreet upgraded Iamgold Corporation from a c- rating to a b rating in a research note on Thursday, August 17th. ValuEngine upgraded Iamgold Corporation from a sell rating to a hold rating in a research note on Thursday, August 17th. Royal Bank Of Canada restated a hold rating on shares of Iamgold Corporation in a research note on Wednesday, July 12th. CIBC upgraded Iamgold Corporation from a sector perform rating to a sector outperform rating and increased their target price for the company from $6.93 to $7.00 in a research note on Wednesday, September 6th. Finally, BMO Capital Markets upgraded Iamgold Corporation from a market perform rating to an outperform rating and increased their target price for the company from $6.00 to $7.50 in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $7.04.
Iamgold Corporation (IAG) opened at 5.66 on Tuesday. The company’s 50-day moving average price is $6.46 and its 200 day moving average price is $5.21. The firm has a market capitalization of $2.63 billion, a price-to-earnings 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 announced its earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The firm had revenue of $274.50 million during the quarter, compared to the consensus estimate of $267.07 million. During the same quarter in the prior year, the company earned $0.01 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts predict that Iamgold Corporation will post $0.06 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the business. Comerica Bank lifted its position in shares of Iamgold Corporation by 1.9% in the 1st quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock worth $104,000 after acquiring an additional 485 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Iamgold Corporation by 102.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,299 shares of the mining company’s stock worth $110,000 after acquiring an additional 10,773 shares during the period. Sprott Inc. bought a new stake in shares of Iamgold Corporation in the 2nd quarter worth approximately $114,000. Quantbot Technologies LP bought a new stake in shares of Iamgold Corporation in the 2nd quarter worth approximately $131,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Iamgold Corporation in the 2nd quarter worth approximately $137,000. Institutional investors own 56.35% of the company’s stock.
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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