Zacks Investment Research Lowers IAMGOLD (IAG) to Sell

Zacks Investment Research lowered shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a hold rating to a sell rating in a research report released on Wednesday.

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 brokerages have also commented on IAG. ValuEngine lowered IAMGOLD from a buy rating to a hold rating in a report on Wednesday, August 8th. TheStreet lowered IAMGOLD from a b rating to a c- rating in a report on Friday, August 10th. Finally, BMO Capital Markets reissued a buy rating and set a $7.00 price objective on shares of IAMGOLD in a report on Friday, September 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. IAMGOLD has an average rating of Hold and an average target price of $7.13.

Shares of NYSE IAG traded down $0.02 during mid-day trading on Wednesday, reaching $3.93. 5,127,315 shares of the company traded hands, compared to its average volume of 3,933,432. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.80 and a current ratio of 4.72. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 65.50, a P/E/G ratio of 7.48 and a beta of -0.30. IAMGOLD has a fifty-two week low of $3.57 and a fifty-two week high of $6.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Wednesday, August 8th. The mining company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. The business had revenue of $277.40 million for the quarter, compared to analyst estimates of $265.13 million. IAMGOLD had a return on equity of 2.56% and a net margin of 2.54%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.01 EPS. As a group, equities research analysts forecast that IAMGOLD will post 0.16 earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in shares of IAMGOLD by 69.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,959,287 shares of the mining company’s stock worth $46,243,000 after acquiring an additional 3,269,020 shares during the period. Van ECK Associates Corp lifted its position in shares of IAMGOLD by 4.7% in the 2nd quarter. Van ECK Associates Corp now owns 64,001,511 shares of the mining company’s stock worth $371,849,000 after acquiring an additional 2,862,271 shares during the period. Royal Bank of Canada lifted its position in shares of IAMGOLD by 33.6% in the 1st quarter. Royal Bank of Canada now owns 7,142,049 shares of the mining company’s stock worth $37,067,000 after acquiring an additional 1,797,522 shares during the period. Millennium Management LLC lifted its position in shares of IAMGOLD by 60.1% in the 1st quarter. Millennium Management LLC now owns 3,575,449 shares of the mining company’s stock worth $18,557,000 after acquiring an additional 1,342,122 shares during the period. Finally, FMR LLC lifted its position in shares of IAMGOLD by 65.2% in the 2nd quarter. FMR LLC now owns 3,032,450 shares of the mining company’s stock worth $17,669,000 after acquiring an additional 1,197,000 shares during the period. Hedge funds and other institutional investors own 52.98% of the company’s stock.

About IAMGOLD

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Québec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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