Iamgold (NYSE:IAG) Shares Gap Down – What’s Next?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down before the market opened on Tuesday . The stock had previously closed at $7.63, but opened at $7.37. Iamgold shares last traded at $7.28, with a volume of 3,050,765 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IAG shares. Scotiabank raised their target price on shares of Iamgold from $7.50 to $7.75 and gave the company a “sector perform” rating in a research note on Monday, May 12th. National Bank Financial raised Iamgold to a “strong-buy” rating in a research report on Friday, March 21st. BMO Capital Markets began coverage on Iamgold in a research report on Wednesday, April 16th. They set an “outperform” rating on the stock. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Finally, Raymond James Financial restated a “market perform” rating and set a $8.00 price target on shares of Iamgold in a research note on Friday, April 4th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iamgold presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.29.

Iamgold Price Performance

The stock has a market cap of $4.23 billion, a PE ratio of 5.22 and a beta of 1.15. The stock’s fifty day moving average is $7.11 and its 200-day moving average is $6.29. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. As a group, equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. purchased a new stake in Iamgold in the 4th quarter valued at about $68,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Iamgold during the fourth quarter valued at about $174,000. Bank of New York Mellon Corp raised its stake in shares of Iamgold by 12.7% in the 4th quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock valued at $181,000 after acquiring an additional 3,961 shares during the period. DJE Kapital AG acquired a new position in shares of Iamgold in the 4th quarter worth approximately $1,419,000. Finally, Aigen Investment Management LP lifted its holdings in shares of Iamgold by 25.8% in the 4th quarter. Aigen Investment Management LP now owns 88,341 shares of the mining company’s stock worth $456,000 after acquiring an additional 18,097 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Company Profile

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.