IAMGOLD (NYSE:IAG) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of IAMGOLD (NYSE:IAG) (TSE:IMG) from a buy rating to a hold rating in a research report released on Wednesday.

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

IAMGOLD Price Performance

NYSE:IAG opened at $5.60 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. IAMGOLD has a 52 week low of $2.23 and a 52 week high of $6.37. The business’s 50-day simple moving average is $5.39 and its two-hundred day simple moving average is $5.03. The stock has a market cap of $3.20 billion, a PE ratio of 4.37 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after purchasing an additional 4,267,084 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of IAMGOLD by 58.8% in 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 during the period. FMR LLC raised its stake in IAMGOLD by 107.9% in the 3rd 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 during the last quarter. Millennium Management LLC lifted its position in IAMGOLD by 194.2% during the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock worth $29,573,000 after acquiring an additional 5,204,715 shares during the period. Finally, American Century Companies Inc. grew its stake in IAMGOLD by 28.6% during the 2nd quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock valued at $21,423,000 after purchasing an additional 1,270,608 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

About IAMGOLD

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.