IAMGOLD Corp (NYSE:IAG) (TSE:IMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “

Several other equities research analysts have also commented on IAG. Royal Bank Of Canada set a $8.00 price target on shares of IAMGOLD Corp and gave the company a “hold” rating in a report on Wednesday, October 18th. TheStreet upgraded shares of IAMGOLD Corp from a “c-” rating to a “b” rating in a report on Thursday, August 17th. Scotiabank boosted their price target on shares of IAMGOLD Corp from $5.75 to $6.25 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. ValuEngine upgraded shares of IAMGOLD Corp from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Finally, BidaskClub upgraded shares of IAMGOLD Corp from a “hold” rating to a “buy” rating in a report on Saturday, August 19th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.23.

Shares of IAMGOLD Corp (IAG) traded down 2.44% during trading on Tuesday, hitting $5.59. 2,897,550 shares of the company traded hands. IAMGOLD Corp has a 52 week low of $3.16 and a 52 week high of $7.25. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 5.10 and a beta of -0.48. The company has a 50 day moving average price of $6.31 and a 200 day moving average price of $5.29.

IAMGOLD Corp (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. IAMGOLD Corp had a net margin of 186.38% and a return on equity of 81.15%. The business had revenue of $274.50 million during the quarter, compared to analyst estimates of $267.07 million. During the same quarter in the previous year, the business posted $0.01 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, analysts expect that IAMGOLD Corp will post $0.06 earnings per share for the current year.

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Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its position in shares of IAMGOLD Corp by 4.9% in the 2nd quarter. Renaissance Technologies LLC now owns 18,851,800 shares of the mining company’s stock worth $97,275,000 after buying an additional 873,700 shares during the last quarter. Vanguard Group Inc. grew its position in shares of IAMGOLD Corp by 9.7% in the 2nd quarter. Vanguard Group Inc. now owns 9,492,363 shares of the mining company’s stock worth $48,980,000 after buying an additional 838,766 shares during the last quarter. Tocqueville Asset Management L.P. grew its position in shares of IAMGOLD Corp by 183.9% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 6,850,300 shares of the mining company’s stock worth $35,348,000 after buying an additional 4,437,200 shares during the last quarter. Franklin Resources Inc. grew its position in shares of IAMGOLD Corp by 1.2% in the 2nd quarter. Franklin Resources Inc. now owns 5,452,000 shares of the mining company’s stock worth $28,132,000 after buying an additional 65,000 shares during the last quarter. Finally, Royal Bank of Canada grew its position in shares of IAMGOLD Corp by 496.5% in the 2nd quarter. Royal Bank of Canada now owns 4,484,298 shares of the mining company’s stock worth $23,138,000 after buying an additional 3,732,543 shares during the last quarter. 56.04% of the stock is currently owned by hedge funds and other institutional investors.

About IAMGOLD Corp

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

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Analyst Recommendations for IAMGOLD Corp (NYSE:IAG)

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