Iamgold (NYSE:IAG) Shares Gap Down – Time to Sell?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $17.61, but opened at $16.62. Iamgold shares last traded at $16.50, with a volume of 1,046,740 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IAG shares. Scotiabank increased their price target on shares of Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. Zacks Research upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 22nd. CIBC lifted their price target on Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Finally, Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. 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 data from MarketBeat, Iamgold presently has an average rating of “Buy” and an average price target of $15.25.

Iamgold Stock Performance

The business has a 50 day moving average price of $14.20 and a 200 day moving average price of $10.97. 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 stock has a market capitalization of $9.96 billion, a PE ratio of 27.92, a PEG ratio of 0.48 and a beta of 1.38.

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

Institutional Investors Weigh In On Iamgold

Several institutional investors and hedge funds have recently made changes to their positions in IAG. Mackenzie Financial Corp boosted its position in Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after buying an additional 4,928,077 shares during the period. Waratah Capital Advisors Ltd. bought a new stake in shares of Iamgold during the second quarter valued at approximately $1,868,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Iamgold in the second quarter valued at approximately $550,000. U S Global Investors Inc. grew its stake in Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company’s stock worth $3,675,000 after purchasing an additional 300,000 shares in the last quarter. Finally, Mudita Advisors LLP grew its stake in Iamgold by 41.1% in the first quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company’s stock worth $13,002,000 after purchasing an additional 606,795 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.