Iamgold (NYSE:IAG) Stock Price Down 8.2% - Should You Sell?

Key Points

• Iamgold's share price dropped by 8.2% to $13.43, with trading volume significantly down at 3.9 million shares compared to its daily average of 14.2 million.
• Analyst ratings vary, with CIBC raising their price target to $19.00 and Zacks downgrading the stock to a "hold," resulting in a consensus rating of "Moderate Buy."
• The company reported earnings of $0.13 per share, which fell short of expectations, alongside a revenue of $587.21 million against an anticipated $663.21 million.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's share price was down 8.2% on Friday . The company traded as low as $13.53 and last traded at $13.43. Approximately 3,910,765 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 14,209,337 shares. The stock had previously closed at $14.64.

Analyst Ratings Changes

A number of research analysts recently weighed in on IAG shares. CIBC raised their price target on shares of Iamgold from $10.40 to $19.00 and gave the company an "outperformer" rating in a research note on Friday, October 10th. Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a report on Wednesday, October 8th. Finally, Raymond James Financial increased their price objective on shares of Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a report on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.85.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The company has a market cap of $7.64 billion, a PE ratio of 9.51, a PEG ratio of 0.49 and a beta of 1.24. The company's 50-day simple moving average is $10.76 and its 200 day simple moving average is $8.33.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) 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 analysts' expectations of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. On average, sell-side analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of institutional investors and hedge funds have recently bought and sold shares of IAG. Ritholtz Wealth Management purchased a new stake in Iamgold in the first quarter valued at $94,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Iamgold during the first quarter worth about $647,000. Continuum Advisory LLC grew its position in Iamgold by 130.2% during the first quarter. Continuum Advisory LLC now owns 35,103 shares of the mining company's stock worth $219,000 after buying an additional 19,853 shares during the period. Golden State Equity Partners acquired a new position in Iamgold during the first quarter worth about $125,000. Finally, Allspring Global Investments Holdings LLC grew its position in Iamgold by 56.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,017,000 shares of the mining company's stock worth $12,589,000 after buying an additional 728,000 shares during the period. 47.08% of the stock is owned by hedge funds and other 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.

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