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 note issued to 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. “
IAG has been the subject of a number of other reports. Credit Suisse Group AG reiterated a “hold” rating on shares of Iamgold Corp. in a report on Wednesday, June 15th. Paradigm Capital upgraded Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Monday, July 18th. CIBC upgraded Iamgold Corp. from a “sector underperform” rating to a “sector perform” rating in a report on Monday, June 27th. RBC Capital Markets upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and increased their price target for the stock from $5.50 to $6.50 in a report on Monday, August 8th. Finally, Canaccord Genuity restated a “hold” rating on shares of Iamgold Corp. in a research note on Wednesday, June 15th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. Iamgold Corp. presently has a consensus rating of “Hold” and a consensus price target of $3.61.
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Shares of Iamgold Corp. (NYSE:IAG) opened at 3.37 on Tuesday. Iamgold Corp. has a 1-year low of $1.15 and a 1-year high of $5.87. The firm has a 50-day moving average price of $4.01 and a 200 day moving average price of $3.91. The company’s market cap is $1.37 billion.
Iamgold Corp. (NYSE:IAG) last issued its quarterly earnings results on Wednesday, August 3rd. The mining company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. Iamgold Corp. had a negative return on equity of 5.16% and a negative net margin of 80.04%. The firm earned $232.50 million during the quarter, compared to the consensus estimate of $245.68 million. During the same period last year, the business posted ($0.08) EPS. The business’s revenue was up 2.6% compared to the same quarter last year. On average, analysts predict that Iamgold Corp. will post $0.04 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. BlackRock Fund Advisors boosted its position in Iamgold Corp. by 225.1% in the first quarter. BlackRock Fund Advisors now owns 79,084 shares of the mining company’s stock valued at $175,000 after buying an additional 54,761 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Iamgold Corp. by 675.4% in the first quarter. JPMorgan Chase & Co. now owns 560,427 shares of the mining company’s stock valued at $1,239,000 after buying an additional 488,151 shares in the last quarter. Spark Investment Management LLC boosted its position in Iamgold Corp. by 0.9% in the first quarter. Spark Investment Management LLC now owns 895,000 shares of the mining company’s stock valued at $1,968,000 after buying an additional 8,000 shares in the last quarter. Credit Agricole S A purchased a new position in Iamgold Corp. during the first quarter valued at approximately $3,550,000. Finally, AXA purchased a new position in Iamgold Corp. during the first quarter valued at approximately $1,014,000. 48.37% of the stock is currently owned by hedge funds and other institutional investors.
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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