Iamgold Corp. (NYSE:IAG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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 brokerages have also weighed in on IAG. RBC Capital Markets raised shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating and raised their price objective for the stock from $5.50 to $6.50 in a report on Monday, August 8th. Royal Bank Of Canada raised shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating and raised their price objective for the stock from $5.50 to $6.50 in a report on Monday, August 8th. Credit Suisse Group AG began coverage on shares of Iamgold Corp. in a report on Thursday, August 18th. They set a “neutral” rating and a $5.25 price objective for the company. Paradigm Capital raised shares of Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Monday, July 18th. Finally, Scotiabank raised shares of Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a report on Wednesday, July 13th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company. Iamgold Corp. has a consensus rating of “Hold” and a consensus price target of $3.61.
Iamgold Corp. (NYSE:IAG) opened at 3.66 on Monday. Iamgold Corp. has a 52 week low of $1.15 and a 52 week high of $5.87. The firm’s market capitalization is $1.49 billion. The stock’s 50 day moving average is $3.89 and its 200-day moving average is $3.95.
Iamgold Corp. (NYSE:IAG) last announced its quarterly earnings data on Wednesday, August 3rd. The mining company reported $0.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.03. The company earned $232.50 million during the quarter, compared to analyst estimates of $245.68 million. Iamgold Corp. had a negative net margin of 80.04% and a negative return on equity of 5.16%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. On average, equities research analysts expect that Iamgold Corp. will post $0.04 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Cipher Capital LP acquired a new stake in Iamgold Corp. during the second quarter worth about $101,000. World Asset Management Inc boosted its stake in Iamgold Corp. by 10.7% in the second quarter. World Asset Management Inc now owns 24,961 shares of the mining company’s stock worth $103,000 after buying an additional 2,406 shares during the last quarter. ING Groep NV acquired a new stake in Iamgold Corp. during the second quarter worth about $114,000. Dynamic Technology Lab Private Ltd acquired a new stake in Iamgold Corp. during the second quarter worth about $122,000. Finally, Tower Research Capital LLC TRC boosted its stake in Iamgold Corp. by 50.1% in the second quarter. Tower Research Capital LLC TRC now owns 33,000 shares of the mining company’s stock worth $176,000 after buying an additional 11,012 shares during the last quarter. 48.37% of the stock is owned by institutional investors and hedge funds.
Iamgold Corp. Company Profile
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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