Iamgold (NYSE:IAG) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Iamgold from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $21.83.
• Iamgold shares opened at $20.42, up 1.3%, and trade within a 12-month range of $10.87 to $24.87. The company reported quarterly EPS of $0.42, in line with estimates, while revenue of $845.97 million fell short of expectations.
• Institutional ownership stands at 47.08%, with several hedge funds and investment firms increasing their positions during the second quarter.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of Iamgold in a research note on Friday, September 4th. Royal Bank Of Canada raised their target price on shares of Iamgold from $20.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday. Jefferies Financial Group initiated coverage on Iamgold in a research note on Thursday, August 20th. They set a "buy" rating and a $24.00 price target for the company. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, Scotiabank increased their target price 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. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Iamgold presently has an average rating of "Moderate Buy" and an average price target of $21.83.

Iamgold Stock Up 1.3%

Shares of NYSE IAG opened at $20.42 on Friday. Iamgold has a 12 month low of $10.87 and a 12 month high of $24.87. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $17.95 and a two-hundred day simple moving average of $17.89. The firm has a market capitalization of $11.62 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.07 and a beta of 1.40.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts' consensus estimates of $0.42. The company had revenue of $845.97 million during the quarter, compared to analysts' expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Equities analysts expect that Iamgold will post 1.91 earnings per share for the current year.

Institutional Investors Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Altus USA Inc. lifted its position in Iamgold by 80.0% in the second quarter. Wellington Altus USA Inc. now owns 24,192 shares of the mining company's stock worth $383,000 after buying an additional 10,754 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Iamgold by 50.8% in the second quarter. Tidal Investments LLC now owns 65,794 shares of the mining company's stock valued at $1,042,000 after purchasing an additional 22,161 shares during the period. RFG Advisory LLC bought a new position in shares of Iamgold during the 2nd quarter worth $1,146,000. IFP Advisors Inc grew its holdings in Iamgold by 33.2% during 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 in the last quarter. Finally, Nykredit A S bought a new position in shares of Iamgold during the second quarter valued at approximately $140,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Company Profile

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.

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