IAMGOLD (NYSE:IAG) Shares Gap Down – What’s Next?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $7.22, but opened at $7.06. IAMGOLD shares last traded at $7.17, with a volume of 2,732,783 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IAG. Scotiabank lifted their target price on shares of IAMGOLD from $6.75 to $7.50 and gave the company a “sector perform” rating in a research report on Monday. StockNews.com cut IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Raymond James reaffirmed a “market perform” rating and issued a $8.00 price target on shares of IAMGOLD in a research note on Friday, April 4th. National Bank Financial upgraded IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. Finally, CIBC reissued an “outperform” rating on shares of IAMGOLD in a research note on Thursday, March 20th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.57.

IAMGOLD Trading Up 1.5 %

The company’s fifty day moving average is $6.06 and its two-hundred day moving average is $5.66. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 5.06 and a beta of 1.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. The business had revenue of $469.90 million for the quarter, compared to analysts’ expectations of $498.68 million. On average, research analysts predict that IAMGOLD Co. will post 0.67 EPS for the current fiscal year.

Institutional Trading of IAMGOLD

Several institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in IAMGOLD by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock valued at $187,000 after acquiring an additional 1,836 shares during the last quarter. CIBC Asset Management Inc increased its position in IAMGOLD by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock worth $3,615,000 after buying an additional 2,848 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of IAMGOLD by 12.7% in the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock valued at $181,000 after acquiring an additional 3,961 shares during the period. Northwest & Ethical Investments L.P. grew its position in shares of IAMGOLD by 4.6% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 91,623 shares of the mining company’s stock worth $473,000 after acquiring an additional 4,013 shares during the last quarter. Finally, Freedom Investment Management Inc. increased its holdings in shares of IAMGOLD by 4.2% in the 4th quarter. Freedom Investment Management Inc. now owns 108,747 shares of the mining company’s stock valued at $561,000 after acquiring an additional 4,399 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.