Zacks Investment Research Lowers Iamgold Corp. (IAG) to Hold

Zacks Investment Research cut shares of Iamgold Corp. (NYSE:IAG) from a buy rating to a hold rating in a report released on Tuesday morning.

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. “

A number of other analysts have also weighed in on IAG. Canaccord Genuity restated a hold rating on shares of Iamgold Corp. in a research note on Wednesday, June 15th. Credit Suisse Group AG restated a hold rating on shares of Iamgold Corp. in a research note on Wednesday, June 15th. CIBC upgraded shares of Iamgold Corp. from a sector underperform rating to a sector perform rating in a research note on Monday, June 27th. Scotiabank upgraded shares of Iamgold Corp. from an underperform rating to a sector perform rating in a research note on Wednesday, July 13th. Finally, Paradigm Capital upgraded shares of Iamgold Corp. from a hold rating to a buy rating in a research note on Monday, July 18th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. Iamgold Corp. currently has a consensus rating of Hold and a consensus target price of $3.61.

Shares of Iamgold Corp. (NYSE:IAG) opened at 3.46 on Tuesday. Iamgold Corp. has a 52 week low of $1.15 and a 52 week high of $5.87. The firm’s 50-day moving average is $3.93 and its 200 day moving average is $3.89. The firm’s market capitalization is $1.40 billion.

Iamgold Corp. (NYSE:IAG) last issued its quarterly earnings results on Wednesday, August 3rd. The mining company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. The company had revenue of $232.50 million for the quarter, compared to analyst estimates of $245.68 million. Iamgold Corp. had a negative net margin of 80.04% and a negative return on equity of 5.16%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, equities analysts forecast that Iamgold Corp. will post $0.04 earnings per share for the current year.

Several large investors have recently bought and sold shares of the stock. Donald Smith & CO. Inc. increased its stake in shares of Iamgold Corp. by 892.7% in the second quarter. Donald Smith & CO. Inc. now owns 8,348,447 shares of the mining company’s stock valued at $34,563,000 after buying an additional 7,507,447 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Iamgold Corp. by 12.5% in the second quarter. Van ECK Associates Corp now owns 55,808,621 shares of the mining company’s stock valued at $231,048,000 after buying an additional 6,186,956 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Iamgold Corp. by 80.9% in the first quarter. Renaissance Technologies LLC now owns 12,614,296 shares of the mining company’s stock valued at $27,877,000 after buying an additional 5,642,996 shares in the last quarter. Waddell & Reed Financial Inc. bought a new stake in shares of Iamgold Corp. during the second quarter valued at $9,667,000. Finally, Commerzbank Aktiengesellschaft FI increased its stake in shares of Iamgold Corp. by 514.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,758,496 shares of the mining company’s stock valued at $11,420,000 after buying an additional 2,309,796 shares in the last quarter. 48.37% of the stock is owned by institutional investors and hedge funds.

Iamgold Corp. Company Profile

IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.

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