IAMGOLD (NYSE:IAG) Shares Gap Up – Time to Buy?

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) gapped up prior to trading on Monday . The stock had previously closed at $6.30, but opened at $6.47. IAMGOLD shares last traded at $6.38, with a volume of 849,449 shares trading hands.

Analysts Set New Price Targets

IAG has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on shares of IAMGOLD in a research report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Scotiabank boosted their price target on shares of IAMGOLD from $7.50 to $7.75 and gave the company a “sector perform” rating in a research report on Monday, May 12th. CIBC boosted their price target on shares of IAMGOLD from $8.40 to $9.20 and gave the company an “outperformer” rating in a research report on Thursday, May 8th. National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Raymond James reiterated a “market perform” rating and set a $8.00 price target on shares of IAMGOLD in a research report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, IAMGOLD has an average rating of “Moderate Buy” and a consensus price target of $7.74.

IAMGOLD Price 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 firm’s 50 day moving average is $6.61 and its 200 day moving average is $5.97. The firm has a market cap of $3.67 billion, a P/E ratio of 4.40 and a beta of 1.20.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The business had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. As a group, analysts anticipate that IAMGOLD Co. will post 0.67 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of IAMGOLD by 27.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after buying an additional 277,000 shares in the last quarter. Cibc World Market Inc. lifted its stake in shares of IAMGOLD by 54.0% in the fourth quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after buying an additional 1,795,869 shares in the last quarter. Triasima Portfolio Management inc. lifted its stake in shares of IAMGOLD by 44.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock worth $1,820,000 after buying an additional 108,524 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of IAMGOLD in the fourth quarter worth approximately $68,000. Finally, Franklin Resources Inc. lifted its stake in shares of IAMGOLD by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock worth $187,000 after buying an additional 1,836 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.