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

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

IAG has been the topic of several other research reports. CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research report on Tuesday, October 22nd. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and raised their target price for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Three investment 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Trading Up 2.0 %

Shares of IAMGOLD stock opened at $5.16 on Wednesday. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 4.03 and a beta of 1.56. IAMGOLD has a 1 year low of $2.23 and a 1 year high of $6.37. The company’s fifty day simple moving average is $5.39 and its 200-day simple moving average is $4.89. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its holdings in IAMGOLD by 194.2% during the 2nd 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. FMR LLC increased 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 buying an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of IAMGOLD by 8.8% in 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 acquiring an additional 4,267,084 shares during the last quarter. Two Sigma Advisers LP boosted its holdings 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 worth $52,735,000 after acquiring 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 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock worth $28,385,000 after acquiring an additional 3,049,252 shares during the last quarter. 47.08% of the stock is 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.