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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down before the market opened on Monday. The stock had previously closed at $19.70, but opened at $18.60. Iamgold shares last traded at $18.9880, with a volume of 587,640 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Raymond James Financial raised their price target on Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Friday, September 4th. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. Royal Bank Of Canada increased their price objective on Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Iamgold in a research note on Friday, September 4th. Finally, Bank of America lowered their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.83.

Iamgold Trading Down 4.0%

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The business has a 50-day simple moving average of $18.48 and a two-hundred day simple moving average of $17.78. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of 9.56, a P/E/G ratio of 1.05 and a beta of 1.40.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Equities analysts forecast that Iamgold Corporation will post 1.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IAG. Pin Oak Investment Advisors Inc. bought a new stake in shares of Iamgold during the second quarter worth approximately $28,000. Western Wealth Management LLC acquired a new stake in Iamgold during the 1st quarter worth approximately $43,000. EverSource Wealth Advisors LLC boosted its stake in Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,150 shares during the period. IFP Advisors Inc grew its holdings in Iamgold by 33.2% in the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company’s stock valued at $52,000 after buying an additional 813 shares in the last quarter. Finally, EFG International AG bought a new position in Iamgold during the 2nd quarter worth $79,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.