Iamgold Corp. (IAG) Rating Increased to Hold at Zacks Investment Research
Iamgold Corp. (NYSE:IAG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
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. “
IAG has been the topic of a number of other research reports. National Bank Financial raised Iamgold Corp. from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 19th. Canaccord Genuity raised Iamgold Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, October 19th. Paradigm Capital raised Iamgold Corp. from a “hold” rating to a “buy” rating in a research report on Monday, July 18th. Credit Suisse Group AG started coverage on Iamgold Corp. in a research report on Thursday, August 18th. They set a “neutral” rating and a $5.25 price objective on the stock. Finally, RBC Capital Markets raised Iamgold Corp. from an “underperform” rating to a “sector perform” rating and raised their price objective for the company from $5.50 to $6.50 in a research report on Monday, August 8th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.98.
Shares of Iamgold Corp. (NYSE:IAG) opened at 3.84 on Wednesday. The stock’s 50 day moving average is $3.90 and its 200-day moving average is $4.10. The company’s market cap is $1.56 billion. 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 quarterly earnings results on Monday, November 7th. The mining company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. Iamgold Corp. had a negative return on equity of 2.05% and a negative net margin of 63.53%. The business had revenue of $282.40 million for the quarter, compared to the consensus estimate of $258.10 million. During the same quarter in the prior year, the company earned ($0.22) EPS. The business’s revenue was up 36.0% compared to the same quarter last year. Equities research analysts expect that Iamgold Corp. will post $0.02 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group boosted its position in shares of Iamgold Corp. by 36.3% in the third quarter. Schroder Investment Management Group now owns 4,193,017 shares of the mining company’s stock valued at $22,223,000 after buying an additional 1,117,700 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Iamgold Corp. by 68.4% in the third quarter. SG Americas Securities LLC now owns 59,988 shares of the mining company’s stock valued at $243,000 after buying an additional 24,358 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Iamgold Corp. by 80.8% in the third quarter. Tower Research Capital LLC TRC now owns 59,654 shares of the mining company’s stock valued at $241,000 after buying an additional 26,654 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in shares of Iamgold Corp. by 279.6% in the third quarter. Donald Smith & CO. Inc. now owns 31,693,908 shares of the mining company’s stock valued at $128,360,000 after buying an additional 23,345,461 shares in the last quarter. Finally, ClariVest Asset Management LLC bought a new position in shares of Iamgold Corp. during the third quarter valued at $1,191,000. Institutional investors own 44.35% of the company’s stock.
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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