Iamgold (NYSE:IAG) Trading Down 6.5% – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG) fell 6.5% on Tuesday . The stock traded as low as $17.33 and last traded at $17.3160. 3,333,922 shares were traded during mid-day trading, a decline of 60% from the average session volume of 8,269,248 shares. The stock had previously closed at $18.51.

Analysts Set New Price Targets

A number of research firms have commented on IAG. Scotiabank lifted their target price on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Tuesday. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Iamgold currently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Stock Down 1.4%

The firm has a market cap of $9.92 billion, a P/E ratio of 14.86, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The firm’s 50 day moving average is $20.12 and its two-hundred day moving average is $17.24. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.55 by $0.15. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. As a group, research analysts anticipate that Iamgold Corporation will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $657,400. This trade represents a 60.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Iamgold

Large investors have recently modified their holdings of the business. Pin Oak Investment Advisors Inc. bought a new position in shares of Iamgold during the 4th quarter valued at about $30,000. Tsfg LLC acquired a new position in shares of Iamgold in the third quarter valued at approximately $26,000. Global Retirement Partners LLC bought a new stake in shares of Iamgold during the fourth quarter worth $33,000. FNY Investment Advisers LLC acquired a new stake in shares of Iamgold during the fourth quarter worth $38,000. Finally, LOM Asset Management Ltd acquired a new stake in shares of Iamgold during the fourth quarter worth $49,000. 47.08% of the stock is currently owned by institutional investors.

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.