Iamgold (NYSE:IAG) Rating Lowered to Hold at Zacks Investment Research

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

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 research analysts have also recently issued research reports about the stock. Credit Suisse Group cut shares of Iamgold from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 8th. Canaccord Genuity restated a “hold” rating on shares of Iamgold in a research report on Friday, July 19th. GMP Securities cut shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Raymond James restated a “market perform” rating and issued a $4.00 price objective on shares of Iamgold in a research report on Friday, August 9th. Finally, CIBC restated an “average” rating on shares of Iamgold in a research report on Sunday, August 4th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $4.12.

Shares of IAG opened at $3.54 on Friday. The company has a market capitalization of $1.65 billion, a P/E ratio of 59.00, a PEG ratio of 52.30 and a beta of -0.10. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.14 and a quick ratio of 3.05. Iamgold has a one year low of $2.28 and a one year high of $4.16. The business’s 50 day simple moving average is $3.60 and its 200-day simple moving average is $3.28.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Wednesday, August 7th. The mining company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). Iamgold had a negative return on equity of 1.45% and a negative net margin of 9.84%. The business had revenue of $246.50 million during the quarter, compared to analyst estimates of $272.94 million. During the same period in the previous year, the firm earned $0.03 earnings per share. The firm’s revenue was down 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Iamgold will post 0.02 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of IAG. Brookstone Capital Management bought a new stake in shares of Iamgold during the 3rd quarter valued at $38,000. Cetera Advisors LLC bought a new stake in shares of Iamgold during the 2nd quarter valued at $49,000. Cerebellum GP LLC bought a new stake in shares of Iamgold during the 3rd quarter valued at $77,000. Clean Yield Group raised its position in shares of Iamgold by 168.8% during the 2nd quarter. Clean Yield Group now owns 43,000 shares of the mining company’s stock valued at $145,000 after acquiring an additional 27,000 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of Iamgold by 33.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 48,263 shares of the mining company’s stock valued at $163,000 after acquiring an additional 12,196 shares during the last quarter. Institutional investors own 57.30% of the company’s stock.

About Iamgold

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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