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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Wednesday . The stock had previously closed at $16.18, but opened at $15.40. Iamgold shares last traded at $15.1680, with a volume of 3,117,520 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Iamgold presently has an average rating of “Moderate Buy” and an average target price of $17.75.

Iamgold Trading Up 0.6%

The company’s 50-day moving average is $17.16 and its 200 day moving average is $18.41. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The firm has a market cap of $9.21 billion, a PE ratio of 9.26, a P/E/G ratio of 0.73 and a beta of 1.25.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. As a group, sell-side analysts predict that Iamgold Corporation will post 2.27 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IAG. Rathbones Group PLC boosted its position in Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after acquiring an additional 418,861,592 shares during the period. FIL Ltd lifted its position in shares of Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after purchasing an additional 20,134,496 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after purchasing an additional 13,691,148 shares in the last quarter. CI Investments Inc. acquired a new stake in shares of Iamgold during the third quarter worth approximately $96,747,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Iamgold by 46.9% during the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after purchasing an additional 3,567,399 shares during the period. 47.08% of the stock is 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.