Iamgold (IAG) Downgraded to D+ at TheStreet

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by equities research analysts at TheStreet from a “c-” rating to a “d+” rating in a note issued to investors on Wednesday.

Several other equities research analysts have also issued reports on IAG. Zacks Investment Research lowered shares of Iamgold from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Canaccord Genuity restated a “buy” rating on shares of Iamgold in a research note on Sunday, October 21st. Royal Bank of Canada set a $6.00 price target on shares of Iamgold and gave the stock a “hold” rating in a research note on Thursday, October 11th. ValuEngine upgraded shares of Iamgold from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, BMO Capital Markets restated a “buy” rating and set a $7.00 price target on shares of Iamgold in a research note on Friday, September 21st. One 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. The stock currently has an average rating of “Hold” and a consensus target price of $7.13.

NYSE:IAG opened at $3.63 on Wednesday. The company has a quick ratio of 3.80, a current ratio of 4.72 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 60.50, a PEG ratio of 9.81 and a beta of -0.31. Iamgold has a 52 week low of $3.37 and a 52 week high of $6.52.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Wednesday, August 8th. The mining company reported $0.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.02. Iamgold had a net margin of 2.54% and a return on equity of 2.56%. The company had revenue of $277.40 million during the quarter, compared to analyst estimates of $265.13 million. During the same quarter last year, the business posted $0.01 EPS. Iamgold’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Iamgold will post 0.12 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in 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 buying an additional 3,269,020 shares during the period. Van ECK Associates Corp boosted its holdings in 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 buying an additional 2,862,271 shares during the period. FMR LLC boosted its holdings in 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 buying an additional 1,197,000 shares during the period. Capital Fund Management S.A. boosted its holdings in Iamgold by 41.7% in the 2nd quarter. Capital Fund Management S.A. now owns 3,074,655 shares of the mining company’s stock worth $17,864,000 after buying an additional 904,111 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Iamgold by 5.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock worth $64,214,000 after buying an additional 565,927 shares during the period. Institutional investors own 53.44% 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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