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

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price gapped down before the market opened on Monday. The stock had previously closed at $19.70, but opened at $18.60. Iamgold shares last traded at $18.9880, with a volume of 587,640 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IAG. Scotiabank boosted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a report on Wednesday, August 12th. Royal Bank Of Canada raised their target price on shares of Iamgold from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Iamgold in a research report on Friday, September 4th. Jefferies Financial Group initiated coverage on Iamgold in a research note on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target for the company. Finally, Raymond James Financial raised their price objective on Iamgold from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Friday, September 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Iamgold has a consensus rating of “Moderate Buy” and a consensus price target of $21.83.

Iamgold Trading Down 4.0%

The firm has a 50-day moving average of $18.48 and a two-hundred day moving average of $17.78. The firm has a market capitalization of $10.76 billion, a P/E ratio of 9.56, a P/E/G ratio of 1.05 and a beta of 1.40. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. The firm had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. On average, analysts anticipate that Iamgold Corporation will post 1.91 EPS for the current year.

Institutional Investors Weigh In On Iamgold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Iamgold during the 2nd quarter valued at $350,145,000. Donald Smith & CO. Inc. acquired a new position in Iamgold in the 2nd quarter worth about $206,146,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Iamgold in the second quarter valued at about $158,877,000. Bank of America Corp DE bought a new position in Iamgold in the second quarter valued at about $151,716,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Iamgold during the second quarter valued at about $53,738,000. 47.08% of the stock is owned by institutional investors.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.