Zacks Investment Research cut shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a research report sent to investors on Tuesday, August 8th.
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. “
A number of other equities research analysts have also recently weighed in on the stock. BMO Capital Markets set a $5.00 price target on shares of Iamgold Corporation and gave the company a hold rating in a research report on Tuesday, May 16th. Royal Bank Of Canada dropped their price target on shares of Iamgold Corporation from $6.50 to $6.00 and set a sector perform rating for the company in a research report on Friday, July 28th. Bank of America Corporation upgraded shares of Iamgold Corporation from an underperform rating to a neutral rating in a report on Tuesday, May 23rd. ValuEngine upgraded shares of Iamgold Corporation from a sell rating to a hold rating in a report on Tuesday, May 23rd. Finally, Scotiabank upgraded shares of Iamgold Corporation from an underperform rating to a sector perform rating in a report on Wednesday, May 10th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $5.88.
Iamgold Corporation (NYSE IAG) traded up 0.53% on Tuesday, hitting $5.70. 7,293,758 shares of the stock traded hands. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 5.20 and a beta of -0.31. Iamgold Corporation has a 52-week low of $3.14 and a 52-week high of $5.94. The company’s 50 day moving average price is $5.25 and its 200-day moving average price is $4.58.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. The business had revenue of $274.50 million during the quarter, compared to analysts’ expectations of $267.07 million. During the same period last year, the business earned $0.01 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts forecast that Iamgold Corporation will post $0.03 earnings per share for the current fiscal year.
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Several institutional investors have recently bought and sold shares of the company. Comerica Bank boosted its position in Iamgold Corporation by 29.2% in the fourth quarter. Comerica Bank now owns 25,335 shares of the mining company’s stock worth $112,000 after buying an additional 5,733 shares during the period. AQR Capital Management LLC boosted its position in Iamgold Corporation by 280.7% in the fourth quarter. AQR Capital Management LLC now owns 45,137 shares of the mining company’s stock worth $175,000 after buying an additional 33,282 shares during the period. Norges Bank bought a new position in Iamgold Corporation during the fourth quarter worth $18,318,000. Creative Planning boosted its position in Iamgold Corporation by 11.5% in the first quarter. Creative Planning now owns 98,440 shares of the mining company’s stock worth $394,000 after buying an additional 10,168 shares during the period. Finally, Bennicas & Associates Inc. boosted its position in Iamgold Corporation by 5.1% in the first quarter. Bennicas & Associates Inc. now owns 92,200 shares of the mining company’s stock worth $369,000 after buying an additional 4,500 shares during the period. 57.32% of the stock is currently owned by institutional investors and hedge funds.
About Iamgold Corporation
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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