Iamgold (NYSE:IAG) Shares Gap Down – Here’s Why
by Doug Wharley · The Cerbat GemShares of Iamgold Corporation (NYSE:IAG – Get Free Report) (TSE:IMG) gapped down before the market opened 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 trading hands.
Wall Street Analyst Weigh In
IAG has been the topic of several research reports. CIBC upped their price target 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. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Scotiabank boosted their price objective on shares of Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Zacks Research raised Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, December 22nd. Finally, Royal Bank Of Canada raised Iamgold from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. Three research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $15.25.
Iamgold Stock Up 1.5%
The firm’s 50-day simple moving average is $14.35 and its 200 day simple moving average is $11.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68. The company has a market cap of $9.94 billion, a P/E ratio of 27.89, a PEG ratio of 0.44 and a beta of 1.39.
Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last released its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. The firm had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. Iamgold had a return on equity of 10.39% and a net margin of 15.39%. On average, research analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.
Institutional Trading of Iamgold
Several hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL grew its stake in Iamgold by 140.5% in the third quarter. Tudor Investment Corp ET AL now owns 24,439 shares of the mining company’s stock valued at $316,000 after acquiring an additional 14,278 shares during the period. Swiss Life Asset Management Ltd lifted its stake in Iamgold by 71.8% in the third quarter. Swiss Life Asset Management Ltd now owns 26,214 shares of the mining company’s stock valued at $339,000 after buying an additional 10,959 shares in the last quarter. Polar Asset Management Partners Inc. increased its position in shares of Iamgold by 8.5% during the third quarter. Polar Asset Management Partners Inc. now owns 230,000 shares of the mining company’s stock worth $2,972,000 after acquiring an additional 18,000 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in Iamgold in the 3rd quarter valued at $238,000. Finally, XTX Topco Ltd bought a new position in Iamgold during the 3rd quarter worth about $1,900,000. Institutional investors and hedge funds 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.