IAMGOLD (NYSE:IAG) Shares Gap Up – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.44, but opened at $7.82. IAMGOLD shares last traded at $8.12, with a volume of 5,225,088 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. National Bank Financial upgraded IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. CIBC restated an “outperform” rating on shares of IAMGOLD in a report on Thursday, March 20th. Raymond James reaffirmed a “market perform” rating and set a $8.00 target price on shares of IAMGOLD in a report on Friday, April 4th. Scotiabank raised their price target on IAMGOLD from $6.75 to $7.50 and gave the stock a “sector perform” rating in a research report on Monday. Finally, BMO Capital Markets initiated coverage on IAMGOLD in a report on Wednesday. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.57.

IAMGOLD Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 5.65 and a beta of 1.52. The stock has a 50-day moving average price of $6.10 and a 200 day moving average price of $5.69.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). The company had revenue of $469.90 million for the quarter, compared to analyst estimates of $498.68 million. IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. As a group, analysts anticipate that IAMGOLD Co. will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Franklin Resources Inc. boosted its position in IAMGOLD by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock worth $187,000 after acquiring an additional 1,836 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of IAMGOLD by 0.4% in the fourth quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock worth $3,615,000 after purchasing an additional 2,848 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in IAMGOLD by 12.7% during the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock worth $181,000 after purchasing an additional 3,961 shares during the last quarter. Northwest & Ethical Investments L.P. grew its position in IAMGOLD by 4.6% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 91,623 shares of the mining company’s stock valued at $473,000 after purchasing an additional 4,013 shares in the last quarter. Finally, Freedom Investment Management Inc. grew its position in IAMGOLD by 4.2% in the fourth quarter. Freedom Investment Management Inc. now owns 108,747 shares of the mining company’s stock valued at $561,000 after purchasing an additional 4,399 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.