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

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Monday . The stock had previously closed at $17.61, but opened at $16.62. Iamgold shares last traded at $16.50, with a volume of 1,046,740 shares traded.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Royal Bank Of Canada raised shares of Iamgold from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Zacks Research raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 22nd. Scotiabank upped their target price on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Finally, Raymond James Financial lifted their price target on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Iamgold currently has an average rating of “Buy” and an average target price of $15.25.

Iamgold Trading Down 4.8%

The firm has a market cap of $9.96 billion, a PE ratio of 27.92, a PEG ratio of 0.48 and a beta of 1.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95. The stock’s fifty day simple moving average is $14.20 and its 200-day simple moving average is $10.97.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.09. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. The company had revenue of $714.61 million for the quarter, compared to the consensus estimate of $759.45 million. On average, sell-side analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Tsfg LLC purchased a new position in shares of Iamgold in the third quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new stake in shares of Iamgold during the second quarter worth approximately $26,000. Parallel Advisors LLC raised its stake in Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after purchasing an additional 2,623 shares during the last quarter. Tableaux LLC acquired a new position in Iamgold in the 2nd quarter valued at $61,000. Finally, Arizona State Retirement System purchased a new position in Iamgold in the 3rd quarter valued at $132,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.