Iamgold (NYSE:IAG) Stock Price Down 7.5% – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price dropped 7.5% during trading on Wednesday . The stock traded as low as $14.66 and last traded at $14.6870. Approximately 2,078,172 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 7,443,718 shares. The stock had previously closed at $15.88.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings cut Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Stock Performance

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 capitalization of $8.68 billion, a PE ratio of 8.73, a PEG ratio of 0.80 and a beta of 1.30. The firm’s fifty day moving average price is $16.85 and its 200 day moving average price is $18.44.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $955.17 million. On average, research analysts anticipate that Iamgold Corporation will post 2.27 earnings per share for the current year.

Institutional Investors Weigh In On Iamgold

Several institutional investors have recently made changes to their positions in the company. Banque Transatlantique SA acquired a new position in Iamgold in the second quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. acquired a new stake in Iamgold in the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC bought a new stake in Iamgold in the fourth quarter worth approximately $33,000. FNY Investment Advisers LLC acquired a new position in shares of Iamgold during the 4th quarter worth $38,000. Finally, Western Wealth Management LLC acquired a new position in shares of Iamgold during the 1st quarter worth $43,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.