Zacks Investment Research upgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a sell rating to a hold rating in a report issued on Saturday.
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 equities research analysts have also weighed in on IAG. ValuEngine lowered Iamgold from a buy rating to a hold rating in a research note on Wednesday, August 8th. TheStreet lowered Iamgold from a b rating to a c- rating in a research note on Friday, August 10th. BMO Capital Markets reissued a buy rating and set a $7.00 price objective on shares of Iamgold in a research note on Friday, September 21st. Royal Bank of Canada set a $6.00 price objective on Iamgold and gave the stock a hold rating in a research note on Thursday, October 11th. Finally, Canaccord Genuity reissued a buy rating on shares of Iamgold in a research note on Sunday, October 21st. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $7.13.
IAG opened at $3.63 on Friday. The firm has a market cap of $1.72 billion, a PE ratio of 60.50, a P/E/G ratio of 10.22 and a beta of -0.19. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.72 and a quick ratio of 3.80. Iamgold has a fifty-two week low of $3.37 and a fifty-two week high of $6.52.
Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Wednesday, August 8th. The mining company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The business had revenue of $277.40 million during 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 company’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $0.01 EPS. Equities research analysts forecast that Iamgold will post 0.12 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Bank of New York Mellon Corp lifted its holdings in shares of Iamgold by 69.7% in the second quarter. Bank of New York Mellon Corp now owns 7,959,287 shares of the mining company’s stock valued at $46,243,000 after purchasing an additional 3,269,020 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Iamgold by 4.7% in the second quarter. Van ECK Associates Corp now owns 64,001,511 shares of the mining company’s stock valued at $371,849,000 after purchasing an additional 2,862,271 shares in the last quarter. FMR LLC lifted its holdings in shares of Iamgold by 65.2% in the second quarter. FMR LLC now owns 3,032,450 shares of the mining company’s stock valued at $17,669,000 after purchasing an additional 1,197,000 shares in the last quarter. Capital Fund Management S.A. lifted its holdings in shares of Iamgold by 41.7% in the second quarter. Capital Fund Management S.A. now owns 3,074,655 shares of the mining company’s stock valued at $17,864,000 after purchasing an additional 904,111 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Iamgold by 5.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock valued at $64,214,000 after purchasing an additional 565,927 shares in the last quarter. Institutional investors own 53.42% of the company’s stock.
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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