Iamgold (NYSE:IAG) Shares Gap Up – Here’s Why

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped up prior to trading on Tuesday . The stock had previously closed at $17.17, but opened at $18.85. Iamgold shares last traded at $19.7370, with a volume of 3,501,352 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on IAG shares. Raymond James Financial lifted their target price on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. CIBC lifted their price target on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Stifel Canada raised Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, Zacks Research raised Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 22nd. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $15.25.

Iamgold Trading Up 13.8%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95. The business’s 50-day simple moving average is $15.80 and its two-hundred day simple moving average is $12.06. The stock has a market capitalization of $11.55 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 0.23 and a beta of 1.38.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a return on equity of 10.39% and a net margin of 15.39%.The company had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. On average, research analysts anticipate that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in shares of Iamgold by 14.0% during the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after acquiring an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after buying an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Iamgold by 67.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after buying an additional 404,645 shares during the period. Parallel Advisors LLC grew its stake in Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after acquiring an additional 2,623 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in Iamgold by 9.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 219,149 shares of the mining company’s stock worth $1,611,000 after purchasing an additional 19,588 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

About Iamgold

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.