Iamgold (NYSE:IAG) Stock Rating Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Iamgold from “hold” to “strong sell,” contrasting with the broader analyst consensus of “moderate buy” and an average price target of $22.86.
• Iamgold opened at $17.81, with a market capitalization of approximately $10.14 billion and a 12-month trading range of $10.87 to $24.87.
• The company met quarterly EPS expectations at $0.42 but reported revenue of $845.97 million, below the $882.92 million analyst consensus. Institutional investors own 47.08% of the stock, with several funds recently initiating or increasing positions.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday, Zacks reports.

IAG has been the subject of a number of other research reports. Freedom Broker began coverage on shares of Iamgold in a report on Wednesday, October 7th. They issued a "buy" rating and a $23.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday, August 20th. They set a "buy" rating and a $24.00 target price on the stock. Bank of America cut their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Scotiabank boosted 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. Finally, Raymond James Financial upped their price target on shares of Iamgold from $20.00 to $21.00 and gave the company a "market perform" rating in a research report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.86.

Iamgold Price Performance

Iamgold stock opened at $17.81 on Tuesday. 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 company has a market capitalization of $10.14 billion, a PE ratio of 9.00, a P/E/G ratio of 1.32 and a beta of 1.41. Iamgold has a 12 month low of $10.87 and a 12 month high of $24.87. The stock has a 50-day moving average price of $19.45 and a two-hundred day moving average price of $17.72.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts' consensus estimates of $0.42. The firm had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Analysts expect that Iamgold will post 1.84 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IAG. PenderFund Capital Management Ltd. acquired a new position in shares of Iamgold in the 2nd quarter valued at about $471,000. Walleye Capital LLC bought a new stake in shares of Iamgold during the 2nd quarter valued at about $12,969,000. RFG Advisory LLC bought a new stake in shares of Iamgold during the 2nd quarter valued at about $1,146,000. BlackRock Inc. acquired a new stake in Iamgold during the second quarter worth approximately $350,145,000. Finally, Amundi grew its stake in Iamgold by 2.2% during the second quarter. Amundi now owns 3,573,720 shares of the mining company's stock worth $56,608,000 after purchasing an additional 76,545 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD's principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.

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