Iamgold (NYSE:IAG) Trading Down 7.7% - Here's What Happened

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's share price traded down 7.7% during trading on Tuesday . The company traded as low as $7.12 and last traded at $6.93. 2,398,036 shares were traded during trading, a decline of 79% from the average session volume of 11,519,472 shares. The stock had previously closed at $7.50.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. BMO Capital Markets assumed coverage on Iamgold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Scotiabank lifted their price target on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price target for the company in a report on Monday, June 30th. Finally, National Bank Financial upgraded shares of Iamgold to a "strong-buy" rating in a research report on Friday, March 21st. Four 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.29.

Iamgold Trading Up 1.7%

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 business's 50-day moving average price is $7.07 and its two-hundred day moving average price is $6.44. The company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 5.01, a P/E/G ratio of 0.36 and a beta of 1.15.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its stake 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. Parallel Advisors LLC grew its stake in shares of Iamgold by 272.9% during the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock worth $26,000 after buying an additional 2,623 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Iamgold by 17.8% during the first quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company's stock worth $125,000 after buying an additional 3,020 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Iamgold by 12.7% during the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company's stock worth $181,000 after buying an additional 3,961 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. grew its stake 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 buying an additional 4,013 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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.