Iamgold (NYSE:IAG) Stock Bumped Down to “Strong Sell” by Zacks Research

Zacks Research cut shares of Iamgold (NYSE:IAG) (TSE:IMG) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks reports.

Other research analysts have also recently issued reports about the stock. Scotiabank upped their price target on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Royal Bank Of Canada lifted their price target on shares of Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Canadian Imperial Bank of Commerce set a $25.00 price target on Iamgold in a research report on Friday, October 16th. Jefferies Financial Group assumed coverage on Iamgold in a report on Thursday, August 20th. They issued a “buy” rating and a $24.00 price objective for the company. Finally, Bank of America decreased their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.86.

Iamgold Price Performance

Shares of IAG stock opened at $17.81 on Tuesday. The stock has a 50 day moving average price of $19.45 and a 200 day moving average price of $17.72. Iamgold has a 52-week low of $10.87 and a 52-week high of $24.87. 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 $10.14 billion, a P/E ratio of 9.00, a P/E/G ratio of 1.32 and a beta of 1.41.

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 return on equity of 28.97% and a net margin of 31.40%. The business had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. As a group, sell-side analysts predict that Iamgold will post 1.84 earnings per share for the current year.

Institutional Trading of Iamgold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp raised its position in shares of Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after acquiring an additional 985,939 shares in the last quarter. BlackRock Inc. purchased a new position in Iamgold in the second quarter valued at about $350,145,000. Donald Smith & CO. Inc. purchased a new position in Iamgold in the second quarter valued at about $206,146,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Iamgold in the second quarter worth about $158,877,000. Finally, Bank of America Corp DE raised its holdings in Iamgold by 4.7% in 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 purchasing an additional 434,188 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD’s principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.