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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Friday . The stock had previously closed at $20.88, but opened at $18.79. Iamgold shares last traded at $19.1480, with a volume of 920,045 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Raymond James Financial increased their price objective on Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. CIBC increased their target price on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Finally, Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.

Iamgold Price Performance

The stock has a fifty day moving average of $16.92 and a 200-day moving average of $12.74. The firm has a market capitalization of $11.12 billion, a P/E ratio of 31.53, a PEG ratio of 0.32 and a beta of 1.38. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. The firm had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. Equities analysts predict that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IAG. Royal Bank of Canada raised its position in shares of Iamgold by 14.0% during the first quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after acquiring an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after purchasing an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Iamgold by 67.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after purchasing an additional 404,645 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Iamgold by 9.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 219,149 shares of the mining company’s stock valued at $1,611,000 after purchasing an additional 19,588 shares during the period. Finally, Euro Pacific Asset Management LLC grew its position in shares of Iamgold by 8.7% during the 2nd quarter. Euro Pacific Asset Management LLC now owns 1,245,480 shares of the mining company’s stock worth $9,154,000 after buying an additional 100,117 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Iamgold Company Profile

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.