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 $19.00.
• Iamgold reported quarterly EPS of $0.42, in line with estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast.
• The stock opened at $18.31 and has traded between $7.11 and $24.87 over the past year; institutional investors own approximately 47.08% of its shares.

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

IAG has been the subject of several other reports. Royal Bank Of Canada decreased their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Weiss Ratings cut shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Scotiabank cut their target price on shares of Iamgold from $25.00 to $22.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. Finally, Bank of America decreased their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Iamgold currently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Iamgold Price Performance

NYSE IAG opened at $18.31 on Friday. Iamgold has a one year low of $7.11 and a one year high of $24.87. The stock has a 50-day moving average of $15.74 and a 200 day moving average of $18.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 0.71 and a beta of 1.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $845.97 million for the quarter, compared to analysts' expectations of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 29.61%. On average, sell-side analysts forecast that Iamgold will post 1.98 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Banque Transatlantique SA bought a new stake in Iamgold during the second quarter valued at approximately $26,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Iamgold during the 4th quarter worth $30,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold during the 4th quarter worth $33,000. Western Wealth Management LLC bought a new stake in shares of Iamgold during the 1st quarter valued at $43,000. Finally, LOM Asset Management Ltd bought a new stake in shares of Iamgold during the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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