IAMGOLD (NYSE:IAG) Shares Gap Up – Time to Buy?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price gapped up before the market opened on Monday . The stock had previously closed at $6.30, but opened at $6.47. IAMGOLD shares last traded at $6.38, with a volume of 849,449 shares changing hands.

Wall Street Analysts Forecast Growth

IAG has been the topic of a number of research analyst reports. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. CIBC increased their price objective on shares of IAMGOLD from $8.40 to $9.20 and gave the company an “outperformer” rating in a research report on Thursday, May 8th. National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank increased their price objective on shares of IAMGOLD from $7.50 to $7.75 and gave the company a “sector perform” rating in a research report on Monday, May 12th. Finally, BMO Capital Markets initiated coverage on shares of IAMGOLD in a research report on Wednesday, April 16th. They set an “outperform” rating on the stock. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.74.

IAMGOLD Stock Up 1.3%

The business’s fifty day moving average is $6.61 and its two-hundred day moving average is $5.97. The company has a market cap of $3.67 billion, a P/E ratio of 4.40 and a beta of 1.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.10. The company had revenue of $457.23 million during the quarter, compared to analyst estimates of $578.70 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. Equities analysts predict that IAMGOLD Co. will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Donald Smith & CO. Inc. grew its position in IAMGOLD by 0.7% during the 4th quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company’s stock worth $161,167,000 after purchasing an additional 216,751 shares during the last quarter. RCF Management L.L.C. acquired a new stake in IAMGOLD during the 4th quarter valued at approximately $128,174,000. Vanguard Group Inc. lifted its stake in IAMGOLD by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company’s stock valued at $134,764,000 after acquiring an additional 361,608 shares during the period. American Century Companies Inc. lifted its stake in IAMGOLD by 19.0% during the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company’s stock valued at $75,489,000 after acquiring an additional 1,929,787 shares during the period. Finally, Millennium Management LLC lifted its stake in IAMGOLD by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company’s stock valued at $53,307,000 after acquiring an additional 4,846,254 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.