Iamgold (NYSE:IAG) Cut to Buy at Wall Street Zen

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also recently weighed in on IAG. Scotiabank dropped their price target on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Bank of America cut their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Royal Bank Of Canada decreased their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Finally, Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Iamgold Stock Performance

IAG opened at $14.64 on Friday. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The company’s fifty day moving average price is $16.08 and its two-hundred day moving average price is $18.24. Iamgold has a 1-year low of $6.69 and a 1-year high of $24.87. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 0.65 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, analysts expect that Iamgold will post 1.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Banque Transatlantique SA purchased a new stake in Iamgold during the second quarter valued at about $26,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Iamgold during the 4th quarter valued at $30,000. Global Retirement Partners LLC bought a new stake in shares of Iamgold during the 4th quarter valued at $33,000. FNY Investment Advisers LLC purchased a new stake in Iamgold during the 4th quarter worth about $38,000. Finally, Western Wealth Management LLC purchased a new stake in Iamgold during the 1st quarter worth about $43,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.