Iamgold (NYSE:IAG) Stock Rating Lowered by Wall Street Zen

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

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

Iamgold Price Performance

Shares of IAG opened at $18.31 on Friday. Iamgold has a one year low of $7.11 and a one year high of $24.87. The stock’s fifty day moving average is $15.74 and its 200-day moving average is $18.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 0.81 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Equities analysts anticipate that Iamgold will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Institutional investors and hedge funds have recently modified their holdings of the stock. FIL Ltd grew its holdings in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after acquiring an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. increased its stake in Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after purchasing an additional 1,068,465 shares in the last quarter. BlackRock Inc. purchased a new position in Iamgold in the 2nd quarter worth about $350,145,000. Bank of America Corp DE raised its holdings in Iamgold by 16.4% during the 3rd quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock worth $144,745,000 after buying an additional 1,581,064 shares during the period. Finally, Ninety One UK Ltd raised its holdings in Iamgold by 22.3% during the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock worth $84,835,000 after buying an additional 938,855 shares during the period. Institutional investors and hedge funds 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.