Iamgold Corp. (IAG) Downgraded by Zacks Investment Research
Iamgold Corp. (NYSE:IAG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
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 research analysts have also issued reports about the stock. Paradigm Capital upgraded shares of Iamgold Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 18th. Credit Suisse Group AG upgraded shares of Iamgold Corp. from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $3.00 to $5.25 in a research report on Thursday, June 30th. RBC Capital Markets upgraded shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating and boosted their target price for the stock from $5.50 to $6.50 in a research report on Monday, August 8th. Royal Bank Of Canada upgraded shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating and boosted their target price for the stock from $5.50 to $6.50 in a research report on Monday, August 8th. Finally, Scotiabank upgraded shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, July 13th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $3.61.
Iamgold Corp. (NYSE:IAG) traded up 1.78% during midday trading on Monday, reaching $3.43. 6,857,170 shares of the company traded hands. The firm’s market capitalization is $1.39 billion. Iamgold Corp. has a 12 month low of $1.15 and a 12 month high of $5.87. The company’s 50-day moving average price is $3.90 and its 200 day moving average price is $3.94.
Iamgold Corp. (NYSE:IAG) last announced its quarterly earnings data on Wednesday, August 3rd. The mining company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The company had revenue of $232.50 million for the quarter, compared to analysts’ expectations of $245.68 million. Iamgold Corp. had a negative net margin of 80.04% and a negative return on equity of 5.16%. Iamgold Corp.’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. On average, equities analysts anticipate that Iamgold Corp. will post $0.04 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased 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 in the last quarter. AXA bought a new position in Iamgold Corp. during the first quarter worth approximately $1,014,000. HBK Investments L P bought a new position in Iamgold Corp. during the first quarter worth approximately $612,000. Gabelli Funds LLC bought a new position in Iamgold Corp. during the second quarter worth approximately $6,127,000. Finally, Alps Advisors Inc. increased its position in Iamgold Corp. by 7.9% in the second quarter. Alps Advisors Inc. now owns 1,446,525 shares of the mining company’s stock worth $5,989,000 after buying an additional 105,631 shares in the last quarter. 48.37% of the stock is owned by institutional investors.
Iamgold Corp. Company Profile
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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