Iamgold (NYSE:IAG) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Iamgold (NYSE:IAG) (TSE:IMG) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on the company. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. TD Securities restated a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Finally, Scotiabank boosted their price objective on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Stock Up 4.6%

Shares of NYSE IAG opened at $19.69 on Monday. The stock has a market capitalization of $11.57 billion, a PE ratio of 17.12, a P/E/G ratio of 1.49 and a beta of 1.46. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $20.46 and a 200-day moving average of $16.50. Iamgold has a 52-week low of $5.35 and a 52-week high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. On average, analysts anticipate that Iamgold will post 0.67 EPS for the current year.

Insider Activity

In related news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $657,400. This trade represents a 60.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Iamgold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC raised its stake in shares of Iamgold by 0.6% during the fourth quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock valued at $1,814,000 after purchasing an additional 615 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in shares of Iamgold by 1.9% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock valued at $612,000 after purchasing an additional 700 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Iamgold by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock valued at $2,849,000 after purchasing an additional 1,303 shares in the last quarter. Northwest & Ethical Investments L.P. increased its stake in Iamgold by 0.4% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock worth $5,716,000 after buying an additional 1,424 shares during the period. Finally, Franklin Resources Inc. increased its stake in Iamgold by 4.8% during the 4th quarter. Franklin Resources Inc. now owns 32,011 shares of the mining company’s stock worth $528,000 after buying an additional 1,474 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.