Iamgold Corp. (NYSE:IAG) shares dropped 7.5% during trading on Tuesday . The stock traded as low as $4.08 and last traded at $4.09, with a volume of 8,362,854 shares. The stock had previously closed at $4.42.
IAG has been the topic of several analyst reports. Credit Suisse Group AG upgraded Iamgold Corp. from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $3.00 to $5.25 in a report on Thursday, June 30th. Paradigm Capital upgraded Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Monday, July 18th. Royal Bank Of Canada upgraded Iamgold Corp. from an “underperform” rating to a “sector perform” rating and lifted their price target for the stock from $5.50 to $6.50 in a report on Monday, August 8th. Scotiabank raised Iamgold Corp. from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, July 13th. Finally, CIBC raised Iamgold Corp. from a “sector underperform” rating to a “sector perform” rating in a research report on Monday, June 27th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $3.61.
The company’s market capitalization is $1.66 billion. The company has a 50-day moving average price of $4.65 and a 200 day moving average price of $3.66.
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Iamgold Corp. (NYSE:IAG) last issued its quarterly earnings data on Wednesday, August 3rd. The mining company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.03. Iamgold Corp. had a negative return on equity of 5.16% and a negative net margin of 80.04%. The business had revenue of $232.50 million for the quarter, compared to the consensus estimate of $245.68 million. During the same period in the prior year, the business earned ($0.08) earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. On average, analysts predict that Iamgold Corp. will post $0.04 EPS for the current year.
Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new stake in shares of Iamgold Corp. during the second quarter valued at about $7,127,000. NEXT Financial Group Inc bought a new stake in shares of Iamgold Corp. during the second quarter valued at about $164,000. BNP Paribas Arbitrage SA increased its stake in shares of Iamgold Corp. by 38.3% in the second quarter. BNP Paribas Arbitrage SA now owns 217,253 shares of the mining company’s stock valued at $963,000 after buying an additional 60,188 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Iamgold Corp. by 46.6% in the first quarter. Royal Bank of Canada now owns 1,341,502 shares of the mining company’s stock valued at $2,965,000 after buying an additional 426,272 shares in the last quarter. Finally, AMP Capital Investors Ltd increased its stake in shares of Iamgold Corp. by 52.1% in the first quarter. AMP Capital Investors Ltd now owns 533,975 shares of the mining company’s stock valued at $1,177,000 after buying an additional 182,795 shares in the last quarter. Institutional investors and hedge funds own 53.71% of the company’s stock.
Iamgold Corp. Company Profile
IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.
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