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

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.63, but opened at $7.37. Iamgold shares last traded at $7.28, with a volume of 3,050,765 shares traded.

Analyst Ratings Changes

Several analysts have weighed in on IAG shares. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday. BMO Capital Markets assumed coverage on shares of Iamgold in a research report on Wednesday, April 16th. They issued an "outperform" rating for the company. Raymond James Financial reiterated a "market perform" rating and issued a $8.00 price target on shares of Iamgold in a research note on Friday, April 4th. Scotiabank raised their price objective on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Finally, Wall Street Zen lowered Iamgold from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.29.

Iamgold Stock Down 4.3%

The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 5.01, a P/E/G ratio of 0.37 and a beta of 1.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83. The firm's fifty day moving average price is $7.09 and its 200-day moving average price is $6.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.10. The business had revenue of $457.23 million during the quarter, compared to analysts' expectations of $578.70 million. Iamgold had a return on equity of 9.26% and a net margin of 45.42%. Sell-side analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently added to or reduced their stakes in IAG. Ritholtz Wealth Management bought a new position in Iamgold during the 1st quarter worth $94,000. Atria Wealth Solutions Inc. acquired a new position in shares of Iamgold in the fourth quarter worth approximately $68,000. Franklin Resources Inc. boosted its holdings 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. Geode Capital Management LLC boosted its holdings in Iamgold by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock valued at $1,435,000 after acquiring an additional 10,468 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Iamgold during the 4th quarter valued at approximately $107,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.