Iamgold (NYSE:IAG) Stock Price Down 7.5% – Here’s What Happened

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price was down 7.5% during mid-day trading on Wednesday . The company traded as low as $14.66 and last traded at $14.6870. Approximately 2,078,172 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 7,443,718 shares. The stock had previously closed at $15.88.

Analyst Ratings Changes

Several equities analysts have weighed in on IAG shares. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.75.

Iamgold Stock Down 5.5%

The stock has a market cap of $8.68 billion, a P/E ratio of 8.73, a P/E/G ratio of 0.80 and a beta of 1.30. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average is $16.85 and its 200 day moving average is $18.44.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. As a group, equities research analysts forecast that Iamgold Corporation will post 2.27 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. acquired a new position in shares of Iamgold during the fourth quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new stake in shares of Iamgold in the fourth quarter worth $33,000. Western Wealth Management LLC bought a new position in Iamgold during the first quarter worth $43,000. FNY Investment Advisers LLC bought a new position in Iamgold during the fourth quarter worth $38,000. Finally, EverSource Wealth Advisors LLC raised its stake in Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after purchasing an additional 1,150 shares during the last quarter. 47.08% of the stock is 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.