Zacks Investment Research Lowers Iamgold (NYSE:IAG) to Strong Sell

Zacks Investment 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 Thursday morning, Zacks.com reports.

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 research analysts also recently weighed in on IAG. Royal Bank of Canada assumed coverage on Iamgold in a report on Wednesday, December 4th. They set a hold rating and a $3.75 price target on the stock. ValuEngine upgraded Iamgold from a sell rating to a hold rating in a report on Tuesday, December 10th. Finally, Raymond James reiterated a market perform rating and set a $5.00 price target on shares of Iamgold in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and an average price target of $4.30.

Shares of NYSE IAG traded down $0.06 during mid-day trading on Thursday, reaching $2.95. The company had a trading volume of 3,947,800 shares, compared to its average volume of 5,928,663. The company has a current ratio of 4.07, a quick ratio of 2.98 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.41 billion, a PE ratio of -15.05, a P/E/G ratio of 4.73 and a beta of -0.01. The company has a 50-day moving average price of $3.42 and a two-hundred day moving average price of $3.55. Iamgold has a 1-year low of $2.28 and a 1-year high of $4.16.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Wednesday, November 6th. The mining company reported ($0.01) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). The company had revenue of $274.40 million during the quarter. Iamgold had a negative return on equity of 1.33% and a negative net margin of 8.94%.

In other news, insider Harmer Peter sold 100,000 shares of Iamgold stock in a transaction on Friday, November 1st. The stock was sold at an average price of $7.91, for a total transaction of $790,700.00.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Donald Smith & CO. Inc. boosted its position in Iamgold by 26.0% during the third quarter. Donald Smith & CO. Inc. now owns 48,522,050 shares of the mining company’s stock valued at $165,460,000 after purchasing an additional 10,020,206 shares during the last quarter. Vanguard Group Inc. boosted its position in Iamgold by 3.0% during the second quarter. Vanguard Group Inc. now owns 12,487,201 shares of the mining company’s stock valued at $42,206,000 after purchasing an additional 366,333 shares during the last quarter. Morgan Stanley boosted its position in Iamgold by 6.9% during the second quarter. Morgan Stanley now owns 9,025,648 shares of the mining company’s stock valued at $30,508,000 after purchasing an additional 580,686 shares during the last quarter. Schroder Investment Management Group boosted its position in Iamgold by 78.9% during the second quarter. Schroder Investment Management Group now owns 3,795,111 shares of the mining company’s stock valued at $15,610,000 after purchasing an additional 1,674,109 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Iamgold by 15.7% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 2,141,394 shares of the mining company’s stock valued at $7,302,000 after purchasing an additional 290,269 shares during the last quarter. 58.28% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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