Iamgold (NYSE:IAG) Trading Down 7.5% – What’s Next?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price dropped 7.5% during mid-day trading on Wednesday . The company traded as low as $14.66 and last traded at $14.6870. 2,078,172 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 7,443,718 shares. The stock had previously closed at $15.88.

Analysts Set New Price Targets

A number of research firms recently commented on IAG. Royal Bank Of Canada decreased their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday. Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Iamgold currently has a consensus rating of “Moderate Buy” and an average target price of $19.60.

Iamgold Stock Down 0.7%

The stock’s fifty day simple moving average is $16.79 and its two-hundred day simple moving average is $18.42. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The company has a market capitalization of $8.88 billion, a price-to-earnings ratio of 8.94, a PEG ratio of 0.72 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, sell-side analysts predict that Iamgold Corporation will post 2.27 earnings per share for the current fiscal year.

Institutional Trading of Iamgold

Hedge funds have recently made changes to their positions in the stock. Banque Transatlantique SA bought a new position in Iamgold during the 2nd quarter worth $26,000. Pin Oak Investment Advisors Inc. bought a new stake in Iamgold in the fourth quarter valued at $30,000. Global Retirement Partners LLC acquired a new position in shares of Iamgold during the fourth quarter valued at $33,000. FNY Investment Advisers LLC acquired a new position in shares of Iamgold during the fourth quarter valued at $38,000. Finally, Western Wealth Management LLC bought a new position in shares of Iamgold during the first quarter worth about $43,000. Institutional investors own 47.08% of the company’s stock.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.