Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.
A number of other analysts have also commented on the stock. Jefferies Financial Group assumed coverage on shares of Iamgold in a report on Thursday, August 20th. They set a “buy” rating and a $24.00 target price for the company. Scotiabank increased their price target on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Royal Bank Of Canada raised their price target on Iamgold from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Raymond James Financial lifted their price objective on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Friday, September 4th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Iamgold in a report on Friday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Iamgold presently has an average rating of “Moderate Buy” and a consensus price target of $21.83.
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Iamgold Stock Performance
Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last issued its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The company had revenue of $845.97 million during the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Equities analysts anticipate that Iamgold will post 1.91 earnings per share for the current year.
Institutional Investors Weigh In On Iamgold
Large investors have recently bought and sold shares of the company. Wellington Altus USA Inc. boosted its position in shares of Iamgold by 80.0% during the second quarter. Wellington Altus USA Inc. now owns 24,192 shares of the mining company’s stock worth $383,000 after purchasing an additional 10,754 shares in the last quarter. Tidal Investments LLC increased its position in shares of Iamgold by 50.8% in the 2nd quarter. Tidal Investments LLC now owns 65,794 shares of the mining company’s stock valued at $1,042,000 after buying an additional 22,161 shares in the last quarter. RFG Advisory LLC bought a new stake in shares of Iamgold in the 2nd quarter valued at $1,146,000. IFP Advisors Inc raised its stake in Iamgold by 33.2% during the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock worth $52,000 after buying an additional 813 shares during the period. Finally, Nykredit A S acquired a new stake in Iamgold during the 2nd quarter worth $140,000. Institutional investors own 47.08% of the company’s stock.
About Iamgold
Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.
Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.
Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.
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