IAMGOLD (NYSE:IAG) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a sell rating in a report released on Monday, 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. “

Several other analysts also recently weighed in on IAG. Scotiabank dropped their target price on shares of IAMGOLD from $4.00 to $3.00 and set a sector perform rating on the stock in a research report on Friday, July 23rd. National Bank Financial dropped their target price on shares of IAMGOLD from C$4.00 to C$3.75 and set an outperform rating on the stock in a research report on Friday, September 10th. TheStreet downgraded shares of IAMGOLD from a c- rating to a d+ rating in a research report on Monday, August 16th. Canaccord Genuity decreased their price objective on shares of IAMGOLD from C$4.50 to C$3.75 and set a buy rating for the company in a research note on Friday, July 23rd. Finally, Stifel Nicolaus decreased their price objective on shares of IAMGOLD from C$4.75 to C$4.50 and set a hold rating for the company in a research note on Friday, July 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $3.56.

Shares of IAG opened at $2.19 on Monday. IAMGOLD has a 1-year low of $2.16 and a 1-year high of $4.30. The company has a 50-day moving average of $2.43 and a 200 day moving average of $2.98. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 360.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.72 and a quick ratio of 2.04.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its earnings results on Wednesday, August 4th. The mining company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The business had revenue of $265.60 million for the quarter, compared to analysts’ expectations of $276.38 million. IAMGOLD had a net margin of 5.34% and a return on equity of 2.90%. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. lifted its position in IAMGOLD by 46.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,989,092 shares of the mining company’s stock valued at $6,902,000 after buying an additional 626,792 shares during the last quarter. Swiss National Bank lifted its position in IAMGOLD by 1.0% in the first quarter. Swiss National Bank now owns 1,085,900 shares of the mining company’s stock valued at $3,230,000 after buying an additional 10,700 shares during the last quarter. BlackRock Inc. acquired a new position in IAMGOLD in the first quarter valued at about $30,000. HighTower Advisors LLC lifted its position in IAMGOLD by 10.2% in the first quarter. HighTower Advisors LLC now owns 891,851 shares of the mining company’s stock valued at $2,634,000 after buying an additional 82,740 shares during the last quarter. Finally, Donald Smith & CO. Inc. lifted its position in IAMGOLD by 5.9% in the first quarter. Donald Smith & CO. Inc. now owns 41,973,817 shares of the mining company’s stock valued at $125,082,000 after buying an additional 2,337,151 shares during the last quarter. 45.26% of the stock is owned by hedge funds and other institutional investors.

About IAMGOLD

IAMGOLD Corp. engages in the exploration, development and production of gold and mineral resource properties. It owns and operates the Westwood mine in Quebec and the Cote Gold project, a development project located in Ontario. The firm also operates the Rosebel mine in Suriname, the Essakane mine in Burkina Faso, the Saramacca project, an exploration project located in Suriname, the Boto project, an exploration project located in Senegal.

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