StockNews.com Downgrades IAMGOLD (NYSE:IAG) to Hold

IAMGOLD (NYSE:IAG) (TSE:IMG) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Several other research analysts have also issued reports on the stock. Raymond James decreased their price target on shares of IAMGOLD from $6.50 to $6.00 and set an “underperform” rating on the stock in a research report on Wednesday, January 15th. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and lifted their price target for the stock from $7.75 to $10.50 in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Price Performance

Shares of IAG traded down $0.02 during midday trading on Wednesday, reaching $5.99. The stock had a trading volume of 12,026,284 shares, compared to its average volume of 11,876,221. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The company has a market capitalization of $3.42 billion, a P/E ratio of 4.68 and a beta of 1.56. The firm’s 50 day moving average price is $5.48 and its 200-day moving average price is $5.13. IAMGOLD has a 52 week low of $2.32 and a 52 week high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Thursday, November 7th. The mining company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. The company had revenue of $438.90 million during the quarter. IAMGOLD had a net margin of 49.56% and a return on equity of 10.01%. During the same period in the previous year, the company posted ($0.01) earnings per share. On average, analysts forecast that IAMGOLD will post 0.58 earnings per share for the current fiscal year.

Institutional Trading of IAMGOLD

A number of hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp grew its position in IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after purchasing an additional 4,267,084 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of IAMGOLD by 58.8% during the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after acquiring an additional 3,732,315 shares in the last quarter. FMR LLC raised its holdings in shares of IAMGOLD by 107.9% during the third quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after acquiring an additional 4,577,599 shares in the last quarter. Millennium Management LLC boosted its position in IAMGOLD by 194.2% during the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after purchasing an additional 5,204,715 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in IAMGOLD by 18.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,663,676 shares of the mining company’s stock valued at $21,239,000 after purchasing an additional 898,077 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

IAMGOLD Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.