Iamgold (NYSE:IAG) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a strong-buy rating to a buy rating in a research report released on Saturday.

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

Iamgold Stock Up 0.1%

Shares of Iamgold stock opened at $14.68 on Friday. The company has a 50-day simple moving average of $16.04 and a two-hundred day simple moving average of $18.23. The stock has a market capitalization of $8.43 billion, a PE ratio of 8.53, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30. Iamgold has a 52-week low of $6.69 and a 52-week high of $24.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, analysts anticipate that Iamgold will post 1.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Banque Transatlantique SA purchased a new stake in Iamgold in the second quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold during the 4th quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in Iamgold during the 4th quarter valued at $33,000. FNY Investment Advisers LLC bought a new position in shares of Iamgold during the 4th quarter valued at $38,000. Finally, Western Wealth Management LLC bought a new position in shares of Iamgold during the 1st quarter valued at $43,000. Institutional investors own 47.08% of the company’s stock.

About Iamgold

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.