Iamgold (NYSE:IAG) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Iamgold (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a report released on Saturday.

A number of other equities analysts have also commented on IAG. Royal Bank Of Canada dropped their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Bank of America lowered their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Scotiabank dropped their price target on Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Stock Performance

NYSE:IAG opened at $18.31 on Friday. The firm has a market capitalization of $10.52 billion, a PE ratio of 9.25, a PEG ratio of 0.81 and a beta of 1.32. Iamgold has a 1 year low of $7.11 and a 1 year high of $24.87. 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 firm’s fifty day simple moving average is $15.74 and its 200 day simple moving average is $18.09.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 29.61%. The firm had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. On average, sell-side analysts anticipate that Iamgold will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently made changes to their positions in IAG. Ninety One UK Ltd raised its holdings in Iamgold by 22.3% in the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock valued at $84,835,000 after acquiring an additional 938,855 shares in the last quarter. PKO Investment Management Joint Stock Co lifted its position in Iamgold by 42.1% in the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock worth $4,464,000 after purchasing an additional 80,000 shares during the period. Vanguard Group Inc. boosted its stake in Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after buying an additional 1,068,465 shares in the last quarter. Bank of America Corp DE boosted its stake in Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after buying an additional 434,188 shares in the last quarter. Finally, L1 Capital Pty Ltd increased its holdings in Iamgold by 961.5% in the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock valued at $20,647,000 after buying an additional 1,134,119 shares during the period. 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.