Iamgold (NYSE:IAG) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts also recently weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Iamgold in a research note on Friday, September 4th. Bank of America dropped their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Scotiabank boosted their price objective on Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Raymond James Financial upped their price objective on Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Friday, September 4th. Finally, Jefferies Financial Group initiated coverage on Iamgold in a research report on Thursday, August 20th. They set a “buy” rating and a $24.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.83.

Iamgold Stock Down 0.9%

IAG opened at $20.16 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The company’s 50-day moving average is $18.05 and its 200 day moving average is $17.83. Iamgold has a fifty-two week low of $10.87 and a fifty-two week high of $24.87. The firm has a market capitalization of $11.47 billion, a P/E ratio of 10.18, a PEG ratio of 1.08 and a beta of 1.40.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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%. Research analysts expect that Iamgold will post 1.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several large investors have recently modified their holdings of the stock. Pin Oak Investment Advisors Inc. bought a new stake in shares of Iamgold in the second quarter valued at $28,000. Western Wealth Management LLC bought a new position in shares of Iamgold during the 1st quarter worth $43,000. EverSource Wealth Advisors LLC increased its holdings in Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after acquiring an additional 1,150 shares during the last quarter. Banque Cantonale Vaudoise increased its holdings in Iamgold by 617.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock worth $49,000 after acquiring an additional 2,570 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock worth $52,000 after acquiring an additional 813 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Iamgold

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.