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

StockNews.com lowered shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a report published on Wednesday morning.

A number of other research analysts also recently issued reports on IAG. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price target on shares of IAMGOLD in a research note on Tuesday, October 22nd. Finally, National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.57.

IAMGOLD Price Performance

Shares of IAG stock opened at $5.34 on Wednesday. The stock’s 50-day moving average is $5.39 and its 200 day moving average is $5.02. IAMGOLD has a 1-year low of $2.23 and a 1-year high of $6.37. 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 cap of $3.05 billion, a P/E ratio of 4.17 and a beta of 1.56.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in shares of IAMGOLD by 194.2% in the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock worth $29,573,000 after buying an additional 5,204,715 shares during the last quarter. FMR LLC increased its holdings in shares of IAMGOLD by 107.9% during the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of IAMGOLD by 8.8% in the 3rd 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 during the period. Two Sigma Advisers LP boosted its holdings in IAMGOLD by 58.8% during the third quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock worth $52,735,000 after buying an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can grew its position in IAMGOLD by 130.6% during the third quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock valued at $28,385,000 after buying an additional 3,049,252 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.