Iamgold (NYSE:IAG) Shares Gap Down – Time to Sell?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Wednesday . The stock had previously closed at $19.40, but opened at $18.43. Iamgold shares last traded at $18.3810, with a volume of 1,041,109 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IAG. Scotiabank increased their target price on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, TD Securities reiterated a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Iamgold has an average rating of “Buy” and an average target price of $17.75.

Iamgold Price Performance

The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average price is $20.52 and its two-hundred day moving average price is $15.99. The stock has a market cap of $9.93 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.42 and a beta of 1.33.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. As a group, sell-side analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David Stewart Smith sold 31,000 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $657,400. This represents a 60.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rathbones Group PLC lifted its position in Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd grew its position in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after buying an additional 20,134,496 shares during the period. Van ECK Associates Corp increased its stake in shares of Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after acquiring an additional 13,691,148 shares in the last quarter. CI Investments Inc. bought a new position in shares of Iamgold in the 3rd quarter worth about $96,747,000. Finally, Mackenzie Financial Corp lifted its position in Iamgold by 183.5% during the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after acquiring an additional 4,928,077 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.