Iamgold Corporation (NYSE:IAG) (TSE:IMG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, July 18th.
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. “
Several other brokerages have also issued reports on IAG. ValuEngine upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 23rd. Credit Suisse Group upgraded Iamgold Corporation from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $4.50 to $5.00 in a research report on Wednesday, May 10th. Royal Bank Of Canada set a $6.00 price objective on Iamgold Corporation and gave the company a “hold” rating in a research report on Thursday, June 8th. BidaskClub upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Finally, Scotiabank upgraded Iamgold Corporation from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, May 10th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Iamgold Corporation currently has an average rating of “Hold” and an average price target of $5.88.
Iamgold Corporation (NYSE IAG) traded down 4.04% during mid-day trading on Tuesday, hitting $5.22. 5,199,027 shares of the stock were exchanged. The firm has a 50-day moving average price of $5.15 and a 200-day moving average price of $4.49. Iamgold Corporation has a 12-month low of $3.14 and a 12-month high of $5.87. The stock’s market capitalization is $2.43 billion.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last posted its earnings results on Tuesday, May 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The company had revenue of $260.50 million during the quarter, compared to analyst estimates of $264.54 million. Iamgold Corporation had a positive return on equity of 1.63% and a negative net margin of 1.80%. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) EPS. Equities analysts predict that Iamgold Corporation will post $0.04 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in Iamgold Corporation by 3.5% in the first quarter. Van ECK Associates Corp now owns 85,304,445 shares of the mining company’s stock worth $341,218,000 after buying an additional 2,911,229 shares in the last quarter. Renaissance Technologies LLC raised its position in Iamgold Corporation by 5.6% in the first quarter. Renaissance Technologies LLC now owns 17,978,100 shares of the mining company’s stock worth $71,912,000 after buying an additional 959,000 shares in the last quarter. Vanguard Group Inc. raised its position in Iamgold Corporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 8,653,597 shares of the mining company’s stock worth $34,615,000 after buying an additional 326,515 shares in the last quarter. Tocqueville Asset Management L.P. raised its position in Iamgold Corporation by 183.9% in the second quarter. Tocqueville Asset Management L.P. now owns 6,850,300 shares of the mining company’s stock worth $35,348,000 after buying an additional 4,437,200 shares in the last quarter. Finally, Norges Bank purchased a new position in Iamgold Corporation during the fourth quarter worth $18,318,000. Hedge funds and other institutional investors own 58.13% of the company’s stock.
Iamgold Corporation Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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