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

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also commented on IAG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. Raymond James Financial boosted their target price on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Stifel Nicolaus raised Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Scotiabank upped their price objective on shares of Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Finally, Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Iamgold Stock Down 3.0%

Shares of NYSE IAG opened at $19.24 on Tuesday. The firm’s fifty day moving average is $16.02 and its 200 day moving average is $12.19. Iamgold has a 52 week low of $5.02 and a 52 week high of $20.40. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. The company has a market cap of $11.37 billion, a price-to-earnings ratio of 32.07, a PEG ratio of 0.27 and a beta of 1.38.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. The business had revenue of $714.61 million during the quarter, compared to analysts’ expectations of $759.45 million. On average, equities research analysts expect that Iamgold will post 0.67 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently added to or reduced their stakes in IAG. Tsfg LLC purchased a new stake in Iamgold during the 3rd quarter valued at $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Iamgold during the fourth quarter valued at $38,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Iamgold in the 4th quarter worth about $57,000. Aventura Private Wealth LLC purchased a new position in Iamgold in the 4th quarter worth about $58,000. Finally, Banque Transatlantique SA purchased a new position in Iamgold in the 2nd quarter worth about $26,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.