Iamgold (NYSE:IAG) Shares Gap Down - Here's What Happened

Key Points

• Iamgold Corporation's shares gapped down from a previous close of $13.67 to open at $12.60, with the latest trade at $12.18 and a trading volume of over 3 million shares.
• Analysts have recently upgraded Iamgold's ratings, with CIBC raising their price target to $19.00 and giving an "outperformer" rating, while Royal Bank of Canada upgraded their rating from "sector perform" to "outperform" with a new target of $14.00.
• Iamgold reported quarterly earnings of $0.13 per share, which missed the consensus estimate of $0.14, and had revenue of $587.21 million, below expectations of $663.21 million.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares gapped down before the market opened on Tuesday . The stock had previously closed at $13.67, but opened at $12.60. Iamgold shares last traded at $12.18, with a volume of 3,157,877 shares trading hands.

Analyst Upgrades and Downgrades

IAG has been the topic of a number of recent analyst reports. CIBC lifted their price target on shares of Iamgold from $10.40 to $19.00 and gave the company an "outperformer" rating in a research report on Friday, October 10th. Raymond James Financial lifted their price target on shares of Iamgold from $9.00 to $13.00 and gave the stock a "market perform" rating in a research note on Friday, October 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research note on Wednesday, October 8th. Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. Finally, Stifel Canada upgraded shares of Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $12.85.

Iamgold Price Performance

The stock has a market capitalization of $6.97 billion, a P/E ratio of 8.70, a PEG ratio of 0.48 and a beta of 1.24. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $11.00 and a two-hundred day simple moving average of $8.46.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. Sell-side analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several large investors have recently made changes to their positions in IAG. Banque Transatlantique SA acquired a new stake in Iamgold during the 2nd quarter valued at $26,000. Parallel Advisors LLC lifted its holdings in Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after purchasing an additional 2,623 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Iamgold during the 1st quarter valued at $35,000. Tableaux LLC acquired a new stake in Iamgold during the 2nd quarter valued at $61,000. Finally, Olympiad Research LP acquired a new stake in Iamgold during the 2nd quarter valued at $87,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Company Profile

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.

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