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

IAMGOLD (NYSE:IAG) (TSE:IMG) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

IAG has been the topic of several other reports. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Finally, Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and upped their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, IAMGOLD has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Up 8.1 %

IAG opened at $5.58 on Wednesday. The company’s 50 day moving average price is $5.38 and its two-hundred day moving average price is $4.89. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 4.36 and a beta of 1.56. IAMGOLD has a fifty-two week low of $2.23 and a fifty-two week 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.

Hedge Funds Weigh In On IAMGOLD

A number of institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp lifted its position in shares of IAMGOLD by 8.8% during 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 acquiring an additional 4,267,084 shares during the period. Two Sigma Advisers LP increased its stake in IAMGOLD by 58.8% in the third quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. FMR LLC increased its stake in IAMGOLD by 107.9% in the third 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. Millennium Management LLC raised its holdings in shares of 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 period. Finally, American Century Companies Inc. boosted its position in shares of IAMGOLD by 28.6% during the 2nd quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock worth $21,423,000 after purchasing an additional 1,270,608 shares in the last quarter. 47.08% of the stock is currently owned by 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.