IAMGOLD (IAG) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a sell rating in a report issued on Wednesday morning.

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. “

IAG has been the subject of a number of other reports. ValuEngine cut IAMGOLD from a hold rating to a sell rating in a report on Friday, August 17th. BMO Capital Markets reaffirmed a buy rating and set a $7.00 price target on shares of IAMGOLD in a report on Friday, September 21st. Finally, TheStreet cut IAMGOLD from a b rating to a c- rating in a report on Friday, August 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $7.13.

IAG stock traded down $0.02 during midday trading on Wednesday, reaching $3.93. 5,127,315 shares of the company’s stock traded hands, compared to its average volume of 3,933,432. IAMGOLD has a 1-year low of $3.57 and a 1-year high of $6.52. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 65.50, a P/E/G ratio of 7.48 and a beta of -0.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.72 and a quick ratio of 3.80.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Wednesday, August 8th. The mining company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. IAMGOLD had a return on equity of 2.56% and a net margin of 2.54%. The firm had revenue of $277.40 million during the quarter, compared to analysts’ expectations of $265.13 million. During the same period last year, the firm posted $0.01 EPS. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that IAMGOLD will post 0.16 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of IAMGOLD by 4.7% in the 2nd quarter. Van ECK Associates Corp now owns 64,001,511 shares of the mining company’s stock valued at $371,849,000 after buying an additional 2,862,271 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of IAMGOLD by 5.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock valued at $64,214,000 after buying an additional 565,927 shares during the period. Tocqueville Asset Management L.P. increased its stake in shares of IAMGOLD by 1.1% in the 2nd quarter. Tocqueville Asset Management L.P. now owns 8,339,177 shares of the mining company’s stock valued at $48,451,000 after buying an additional 94,600 shares during the period. Bank of New York Mellon Corp increased its stake in shares of IAMGOLD by 69.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,959,287 shares of the mining company’s stock valued at $46,243,000 after buying an additional 3,269,020 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of IAMGOLD by 33.6% in the 1st quarter. Royal Bank of Canada now owns 7,142,049 shares of the mining company’s stock valued at $37,067,000 after buying an additional 1,797,522 shares during the period. 52.98% 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. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Québec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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