IAMGOLD (NYSE:IAG) Shares Gap Down – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $7.64, but opened at $7.09. IAMGOLD shares last traded at $7.22, with a volume of 2,977,627 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on IAG shares. National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a research note on Friday, March 21st. Raymond James reiterated a “market perform” rating and issued a $8.00 price objective on shares of IAMGOLD in a research report on Friday, April 4th. Scotiabank boosted their price objective on IAMGOLD from $6.75 to $7.50 and gave the company a “sector perform” rating in a research report on Monday, April 14th. StockNews.com cut IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, BMO Capital Markets initiated coverage on shares of IAMGOLD in a report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.57.

IAMGOLD Stock Performance

The stock has a fifty day simple moving average of $6.27 and a 200-day simple moving average of $5.81. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $4.13 billion, a P/E ratio of 4.96 and a beta of 1.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). The firm had revenue of $469.90 million during the quarter, compared to analyst estimates of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. Equities analysts forecast that IAMGOLD Co. will post 0.67 EPS for the current year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its holdings in shares of IAMGOLD by 56.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,017,000 shares of the mining company’s stock worth $12,589,000 after purchasing an additional 728,000 shares during the last quarter. Golden State Equity Partners acquired a new position in IAMGOLD during the 1st quarter worth about $125,000. Continuum Advisory LLC grew its holdings in IAMGOLD by 130.2% during the 1st quarter. Continuum Advisory LLC now owns 35,103 shares of the mining company’s stock worth $219,000 after acquiring an additional 19,853 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in IAMGOLD during the 1st quarter worth about $647,000. Finally, Louisbourg Investments Inc. bought a new position in shares of IAMGOLD in the first quarter worth about $3,110,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.