Iamgold (NYSE:IAG) Stock Rating Lowered by Zacks Research

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

IAG has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Iamgold from a “buy” rating to a “hold” rating in a report on Saturday, September 19th. Raymond James Financial increased their price target on shares of Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Friday, September 4th. Scotiabank lifted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Bank of America lowered their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Finally, Freedom Broker started coverage on shares of Iamgold in a research report on Wednesday, October 7th. They set a “buy” rating and a $23.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Iamgold currently has a consensus rating of “Moderate Buy” and an average price target of $22.86.

Iamgold Trading Up 0.3%

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

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The firm had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. Analysts predict that Iamgold will post 1.84 EPS for the current fiscal year.

Institutional Trading of Iamgold

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its holdings in Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after purchasing an additional 985,939 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Iamgold during the second quarter worth $350,145,000. Donald Smith & CO. Inc. acquired a new stake in Iamgold during the 2nd quarter worth about $206,146,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Iamgold in the second quarter worth approximately $158,877,000. Finally, Bank of America Corp DE increased its stake in shares of Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after acquiring an additional 434,188 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.