Iamgold (NYSE:IAG) Trading Down 6.5% – Should You Sell?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price was down 6.5% during mid-day trading on Tuesday . The stock traded as low as $17.33 and last traded at $17.3160. Approximately 3,333,922 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 8,269,248 shares. The stock had previously closed at $18.51.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IAG shares. TD Securities reissued a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.75.

Iamgold Trading Down 6.7%

The company’s 50-day moving average is $20.32 and its 200-day moving average is $17.22. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 1.31 and a beta of 1.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.15. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. On average, research analysts predict that Iamgold Corporation will post 2.23 earnings per share for the current year.

Insider Transactions at Iamgold

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $657,400. This represents a 60.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in Iamgold by 11.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,917,300 shares of the mining company’s stock valued at $64,645,000 after purchasing an additional 408,800 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Iamgold by 28.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company’s stock valued at $7,602,000 after purchasing an additional 130,400 shares during the period. Waratah Capital Advisors Ltd. lifted its position in Iamgold by 731.8% during the 3rd quarter. Waratah Capital Advisors Ltd. now owns 2,113,558 shares of the mining company’s stock valued at $27,328,000 after purchasing an additional 1,859,463 shares during the period. CI Investments Inc. acquired a new position in Iamgold during the 3rd quarter valued at about $96,747,000. Finally, Gamco Investors INC. ET AL lifted its position in Iamgold by 381.0% during the 3rd quarter. Gamco Investors INC. ET AL now owns 393,280 shares of the mining company’s stock valued at $5,084,000 after purchasing an additional 311,510 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.