Iamgold Corporation (NYSE:IAG) Lowered to “Sell” at Zacks Investment Research

Iamgold Corporation (NYSE:IAG) (TSE:IMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, October 17th.

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 research firms have also issued reports on IAG. BidaskClub upgraded Iamgold Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. BMO Capital Markets restated a “buy” rating and set a $8.00 price target on shares of Iamgold Corporation in a research report on Monday, October 2nd. ValuEngine upgraded Iamgold Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Royal Bank Of Canada dropped their price target on Iamgold Corporation from $6.50 to $6.00 and set a “sector perform” rating on the stock in a research report on Friday, July 28th. Finally, Scotiabank lifted their price target on Iamgold Corporation from $5.75 to $6.25 and gave the company a “sector perform” rating in a research report on Tuesday, August 1st. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $7.23.

Iamgold Corporation (NYSE IAG) traded down 1.63% during trading on Tuesday, reaching $5.43. 4,136,407 shares of the company traded hands. The company has a market cap of $2.52 billion, a PE ratio of 4.95 and a beta of -0.48. Iamgold Corporation has a 12 month low of $3.16 and a 12 month high of $7.25. The company’s 50-day moving average is $6.27 and its 200 day moving average is $5.29.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The business had revenue of $274.50 million for the quarter, compared to analyst estimates of $267.07 million. During the same period last year, the company earned $0.01 EPS. Iamgold Corporation’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, analysts anticipate that Iamgold Corporation will post $0.05 earnings per share for the current year.

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Several hedge funds have recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its stake in shares of Iamgold Corporation by 0.6% in the second quarter. Great West Life Assurance Co. Can now owns 79,161 shares of the mining company’s stock worth $407,000 after purchasing an additional 460 shares during the last quarter. Comerica Bank increased its position in Iamgold Corporation by 1.9% during the first quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock valued at $104,000 after acquiring an additional 485 shares during the last quarter. Advisor Group Inc. increased its position in Iamgold Corporation by 2.3% during the second quarter. Advisor Group Inc. now owns 33,950 shares of the mining company’s stock valued at $175,000 after acquiring an additional 750 shares during the last quarter. Wells Fargo & Company MN increased its position in Iamgold Corporation by 2.6% during the first quarter. Wells Fargo & Company MN now owns 64,657 shares of the mining company’s stock valued at $258,000 after acquiring an additional 1,662 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Iamgold Corporation by 19.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,990 shares of the mining company’s stock valued at $221,000 after acquiring an additional 6,894 shares during the last quarter. Hedge funds and other institutional investors own 56.04% of the company’s stock.

About Iamgold Corporation

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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