Iamgold (NYSE:IAG) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Several other analysts have also recently commented on IAG. Scotiabank raised their price target on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Iamgold in a research note on Friday, September 4th. Jefferies Financial Group started coverage on shares of Iamgold in a research report on Thursday, August 20th. They issued a “buy” rating and a $24.00 target price for the company. Royal Bank Of Canada lifted their target price on shares of Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Raymond James Financial boosted their price target on shares of Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Friday, September 4th. Two investment analysts have 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.83.

Iamgold Stock Performance

Shares of IAG stock opened at $20.42 on Friday. Iamgold has a 1-year low of $10.87 and a 1-year high of $24.87. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $11.62 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.08 and a beta of 1.40. The stock’s fifty day simple moving average is $17.95 and its 200-day simple moving average is $17.89.

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 the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The firm had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. On average, sell-side analysts predict that Iamgold will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Van ECK Associates Corp grew its position in Iamgold by 2.7% in the second quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after acquiring an additional 985,939 shares in the last quarter. BlackRock Inc. bought a new position in shares of Iamgold during the 2nd quarter valued at $350,145,000. Donald Smith & CO. Inc. bought a new position in shares of Iamgold during the 2nd quarter valued at $206,146,000. Bank of America Corp DE lifted 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 purchasing an additional 434,188 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Iamgold in the 2nd quarter valued at $158,877,000. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.