Iamgold (NYSE:IAG) Shares Gap Down – Should You Sell?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares 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.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. CIBC increased their target price on shares of Iamgold from $8.40 to $9.20 and gave the stock an “outperformer” rating in a report on Thursday, May 8th. Scotiabank boosted their price target on shares of Iamgold from $7.50 to $7.75 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Raymond James Financial reaffirmed a “market perform” rating and set a $8.00 price objective on shares of Iamgold in a research report on Friday, April 4th. Finally, BMO Capital Markets initiated coverage on Iamgold in a report on Wednesday, April 16th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.29.

Iamgold Trading Down 3.6%

The firm has a market capitalization of $4.23 billion, a PE ratio of 5.22 and a beta of 1.15. The company’s 50-day moving average price is $7.11 and its 200-day moving average price is $6.29. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 1.41.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. The business had revenue of $457.23 million for the quarter, compared to the consensus estimate of $578.70 million. Iamgold had a return on equity of 9.26% and a net margin of 45.42%. On average, sell-side analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current year.

Institutional Trading of Iamgold

Several institutional investors have recently modified their holdings of IAG. Summit Securities Group LLC acquired a new stake in Iamgold during the 1st quarter worth $35,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Iamgold in the 4th quarter valued at about $68,000. Alpha Omega Wealth Management LLC purchased a new position in Iamgold during the 1st quarter worth approximately $75,000. Avantax Advisory Services Inc. acquired a new position in Iamgold during the first quarter worth approximately $86,000. Finally, Vident Advisory LLC purchased a new stake in Iamgold in the first quarter valued at approximately $92,000. Hedge funds and other 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.