NEW YORK (TheStreet) -- IAMGOLD (IAG - Get Report) shares are sliding 0.46% to $3.25 on Wednesday afternoon along with lower gold prices as the latest manufacturing data led investors to believe the Federal Reserve could decide to increase interest rates soon.
The Institute for Supply Management's manufacturing PMI released a positive reading of 51.3 earlier today. Anything above 50 is a reflection of growth, the Wall Street Journal reports.
The recent rating was higher than April's figures and better than forecasts.
Following the report, investors had more of a reason to believe the optimistic economic data could allow the Fed to raise rates as early as June.
Gold for August delivery is down 0.37% to $1,213 per ounce on the COMEX this afternoon.
Based in Toronto, IAMGOLD explores for, develops, and operates mining properties in North and South America, and West Africa.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: IAG