Iamgold (NYSE:IAG) Cut to Buy at Wall Street Zen

Iamgold (NYSE:IAG) (TSE:IMG) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Several other analysts have also issued reports on IAG. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Royal Bank Of Canada cut their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Scotiabank decreased their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. Finally, Bank of America decreased their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.00.

Iamgold Stock Performance

Shares of IAG opened at $14.64 on Friday. The firm has a 50-day moving average of $16.08 and a 200-day moving average of $18.24. Iamgold has a one year low of $6.69 and a one year high of $24.87. The company has a market cap of $8.41 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $955.17 million. As a group, equities analysts forecast that Iamgold will post 1.98 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds have recently made changes to their positions in the stock. Rathbones Group PLC raised its stake in Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the last quarter. FIL Ltd grew its stake in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after buying an additional 20,134,496 shares during the period. Vanguard Group Inc. grew its stake in shares of Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after buying an additional 1,068,465 shares during the period. Bank of America Corp DE increased its position in Iamgold by 16.4% in the 3rd quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock valued at $144,745,000 after buying an additional 1,581,064 shares in the last quarter. Finally, Ninety One UK Ltd boosted its holdings in Iamgold by 22.3% in the fourth quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock worth $84,835,000 after acquiring an additional 938,855 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.