Iamgold (NYSE:IAG) Shares Gap Up to $3.44

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Iamgold Corp (NYSE:IAG) (TSE:IMG) gapped up prior to trading on Thursday . The stock had previously closed at $3.31, but opened at $3.44. Iamgold shares last traded at $3.59, with a volume of 5,458,911 shares.

Several equities research analysts have weighed in on the company. ValuEngine raised Iamgold from a “sell” rating to a “hold” rating in a report on Friday, June 21st. GMP Securities downgraded Iamgold from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Raymond James reissued a “market perform” rating and issued a $4.00 price target on shares of Iamgold in a report on Friday, August 9th. Zacks Investment Research raised Iamgold from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 26th. Finally, CSFB downgraded Iamgold from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $4.75 to $3.75 in a report on Thursday, August 8th. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $4.12.

The company has a current ratio of 4.14, a quick ratio of 3.05 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $3.58 and a 200 day moving average of $3.27.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Wednesday, August 7th. The mining company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.02). Iamgold had a negative return on equity of 1.45% and a negative net margin of 9.84%. The firm had revenue of $246.50 million for the quarter, compared to analyst estimates of $272.94 million. During the same period last year, the firm earned $0.03 EPS. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year.

Several institutional investors have recently added to or reduced their stakes in IAG. Donald Smith & CO. Inc. lifted its holdings in shares of Iamgold by 33.6% during the second quarter. Donald Smith & CO. Inc. now owns 38,501,844 shares of the mining company’s stock worth $130,136,000 after purchasing an additional 9,680,098 shares during the period. Ruffer LLP raised its position in Iamgold by 47.4% during the second quarter. Ruffer LLP now owns 20,061,272 shares of the mining company’s stock valued at $67,707,000 after acquiring an additional 6,449,117 shares in the last quarter. Intact Investment Management Inc. purchased a new position in Iamgold during the first quarter valued at approximately $15,720,000. Polunin Capital Partners Ltd purchased a new position in Iamgold during the second quarter valued at approximately $6,938,000. Finally, Schroder Investment Management Group raised its position in Iamgold by 78.9% during the second quarter. Schroder Investment Management Group now owns 3,795,111 shares of the mining company’s stock valued at $15,610,000 after acquiring an additional 1,674,109 shares in the last quarter. 57.30% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile (NYSE:IAG)

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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