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

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) gapped down before the market opened on Wednesday . The stock had previously closed at $7.64, but opened at $7.09. IAMGOLD shares last traded at $7.22, with a volume of 2,977,627 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on IAG shares. BMO Capital Markets assumed coverage on IAMGOLD in a research note on Wednesday, April 16th. They set an “outperform” rating on the stock. CIBC reaffirmed an “outperform” rating on shares of IAMGOLD in a research note on Thursday, March 20th. Scotiabank increased their price objective on IAMGOLD from $6.75 to $7.50 and gave the stock a “sector perform” rating in a report on Monday, April 14th. Raymond James restated a “market perform” rating and issued a $8.00 target price on shares of IAMGOLD in a research note on Friday, April 4th. Finally, StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Four research 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. According to data from MarketBeat, IAMGOLD presently has an average rating of “Moderate Buy” and a consensus price target of $7.57.

IAMGOLD Stock Down 0.4 %

The company has a market cap of $4.13 billion, a price-to-earnings ratio of 4.96 and a beta of 1.52. The business has a 50-day simple moving average of $6.27 and a two-hundred day simple moving average of $5.81. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IAG. Allspring Global Investments Holdings LLC boosted its holdings in IAMGOLD by 56.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,017,000 shares of the mining company’s stock valued at $12,589,000 after acquiring an additional 728,000 shares during the period. Golden State Equity Partners acquired a new position in shares of IAMGOLD during the 1st quarter worth about $125,000. Continuum Advisory LLC grew its holdings in IAMGOLD by 130.2% in the 1st quarter. Continuum Advisory LLC now owns 35,103 shares of the mining company’s stock valued at $219,000 after buying an additional 19,853 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in IAMGOLD in the 1st quarter valued at approximately $647,000. Finally, Louisbourg Investments Inc. bought a new position in IAMGOLD in the 1st quarter worth approximately $3,110,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.