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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares gapped up prior to trading on Tuesday . The stock had previously closed at $17.17, but opened at $18.85. Iamgold shares last traded at $19.7370, with a volume of 3,501,352 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank lifted their price objective on Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a research note on Thursday, October 23rd. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. CIBC lifted their price target on shares of Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. Finally, Stifel Canada raised Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Iamgold presently has an average rating of “Buy” and an average target price of $15.25.

Iamgold Stock Up 13.8%

The company has a market cap of $11.55 billion, a P/E ratio of 32.51, a P/E/G ratio of 0.23 and a beta of 1.38. The company has a 50-day simple moving average of $15.80 and a 200 day simple moving average of $12.06. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating 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 business had revenue of $714.61 million for the quarter, compared to analysts’ expectations of $759.45 million. On average, equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

Institutional investors have recently added to or reduced their stakes in the stock. Tsfg LLC acquired a new position in Iamgold in the third quarter valued at about $26,000. FNY Investment Advisers LLC acquired a new position in shares of Iamgold during the fourth quarter worth $38,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Iamgold in the fourth quarter valued at approximately $57,000. Aventura Private Wealth LLC acquired a new stake in Iamgold during the 4th quarter worth $58,000. Finally, Banque Transatlantique SA purchased a new stake in shares of Iamgold in the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.