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

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $16.18, but opened at $15.40. Iamgold shares last traded at $15.1680, with a volume of 3,117,520 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Scotiabank lifted their price target on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Finally, Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The firm has a fifty day simple moving average of $17.36 and a two-hundred day simple moving average of $18.41. The firm has a market cap of $8.67 billion, a PE ratio of 8.71, a PEG ratio of 0.81 and a beta of 1.25.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Equities analysts predict that Iamgold Corporation will post 2.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors and hedge funds have recently made changes to their positions in IAG. Rathbones Group PLC raised its holdings in shares of Iamgold by 1,037,042.8% in the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd grew its position in Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after acquiring an additional 20,134,496 shares during the last quarter. Van ECK Associates Corp grew its position in Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after acquiring an additional 13,691,148 shares during the last quarter. CI Investments Inc. purchased a new stake in Iamgold in the third quarter worth $96,747,000. Finally, Mackenzie Financial Corp lifted its position in shares of Iamgold by 46.9% during the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after purchasing an additional 3,567,399 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile

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.