Iamgold Corp. (IAG) Rating Lowered to Hold at Zacks Investment Research
Iamgold Corp. (NYSE:IAG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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 equities analysts also recently issued research reports about the company. RBC Capital Markets upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and lifted their price objective for the company from $5.50 to $6.50 in a research report on Monday, August 8th. Canaccord Genuity reiterated a “hold” rating on shares of Iamgold Corp. in a research report on Wednesday, June 15th. Credit Suisse Group AG reiterated a “hold” rating on shares of Iamgold Corp. in a research report on Wednesday, June 15th. CIBC upgraded Iamgold Corp. from a “sector underperform” rating to a “sector perform” rating in a research report on Monday, June 27th. Finally, Scotiabank upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, July 13th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.61.
Shares of Iamgold Corp. (NYSE:IAG) opened at 3.37 on Tuesday. The stock’s market capitalization is $1.37 billion. The stock’s 50 day moving average price is $4.01 and its 200 day moving average price is $3.91. Iamgold Corp. has a one year low of $1.15 and a one year high of $5.87.
Iamgold Corp. (NYSE:IAG) last posted its earnings results on Wednesday, August 3rd. The mining company reported $0.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.03. The business earned $232.50 million during the quarter, compared to the consensus estimate of $245.68 million. Iamgold Corp. had a negative return on equity of 5.16% and a negative net margin of 80.04%. Iamgold Corp.’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) EPS. On average, analysts forecast that Iamgold Corp. will post $0.04 EPS for the current year.
Several large investors have recently made changes to their positions in IAG. Donald Smith & CO. Inc. boosted its stake in shares of Iamgold Corp. by 892.7% in the second quarter. Donald Smith & CO. Inc. now owns 8,348,447 shares of the mining company’s stock worth $34,563,000 after buying an additional 7,507,447 shares during the period. Van ECK Associates Corp boosted its position in Iamgold Corp. by 12.5% in the second quarter. Van ECK Associates Corp now owns 55,808,621 shares of the mining company’s stock worth $231,048,000 after buying an additional 6,186,956 shares during the last quarter. Renaissance Technologies LLC boosted its position in Iamgold Corp. by 80.9% in the first quarter. Renaissance Technologies LLC now owns 12,614,296 shares of the mining company’s stock worth $27,877,000 after buying an additional 5,642,996 shares during the last quarter. Waddell & Reed Financial Inc. acquired a new position in Iamgold Corp. during the second quarter worth about $9,667,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Iamgold Corp. by 514.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,758,496 shares of the mining company’s stock worth $11,420,000 after buying an additional 2,309,796 shares during the last quarter. 48.37% of the stock is owned by institutional investors and hedge funds.
About Iamgold Corp.
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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