IAMGOLD (NYSE:IAG) Stock Price Down 9.3% – Here’s What Happened

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) were down 9.3% during trading on Monday . The company traded as low as $6.37 and last traded at $6.36. Approximately 2,721,104 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 13,425,765 shares. The stock had previously closed at $7.01.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IAG shares. Raymond James restated a “market perform” rating and issued a $8.00 target price on shares of IAMGOLD in a research note on Friday, April 4th. CIBC upped their price target on shares of IAMGOLD from $8.40 to $9.20 and gave the stock an “outperformer” rating in a research report on Thursday. Scotiabank upped their price target on shares of IAMGOLD from $7.50 to $7.75 and gave the stock a “sector perform” rating in a research report on Monday. BMO Capital Markets initiated coverage on shares of IAMGOLD in a research report on Wednesday, April 16th. They issued an “outperform” rating for the company. Finally, National Bank Financial raised shares of IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, IAMGOLD has an average rating of “Moderate Buy” and an average target price of $7.74.

IAMGOLD Stock Performance

The firm has a fifty day moving average price of $6.53 and a 200 day moving average price of $5.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market cap of $3.64 billion, a PE ratio of 4.36 and a beta of 1.20.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. The firm had revenue of $457.23 million for the quarter, compared to the consensus estimate of $578.70 million. Research analysts forecast that IAMGOLD Co. will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

Hedge funds have recently made changes to their positions in the company. Tobam acquired a new position in shares of IAMGOLD in the 4th quarter valued at $25,000. Blue Trust Inc. grew its position in IAMGOLD by 157.1% during the 4th quarter. Blue Trust Inc. now owns 9,018 shares of the mining company’s stock worth $47,000 after purchasing an additional 5,511 shares during the period. Raab & Moskowitz Asset Management LLC acquired a new stake in IAMGOLD during the 4th quarter worth about $56,000. Alpha Omega Wealth Management LLC acquired a new stake in IAMGOLD during the 1st quarter worth about $75,000. Finally, Atria Wealth Solutions Inc. acquired a new stake in IAMGOLD during the 4th quarter worth about $68,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About IAMGOLD

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.