Iamgold (NYSE:IAG) Trading Down 5.2% - What's Next?

Key Points

• Iamgold Corporation's shares fell 5.2% in trading, reaching a low of $12.64, with trading volume down 72% from the average.
• Research firms have mixed ratings on Iamgold, with Weiss Ratings maintaining a "buy" rating while Zacks downgraded it to "hold" after missing earnings estimates.
• Institutional investors have increased their stakes in Iamgold, with Parallel Advisors growing its position by 272.9% in the second quarter.

Shares of Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG fell 5.2% on Thursday . The stock traded as low as $12.64 and last traded at $12.69. 3,973,413 shares were traded during trading, a decline of 72% from the average session volume of 14,235,641 shares. The stock had previously closed at $13.39.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IAG. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research report on Wednesday. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target for the company in a research report on Monday, June 30th. Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Finally, CIBC restated an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $10.13.

Iamgold Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The company has a market capitalization of $7.25 billion, a P/E ratio of 9.06, a PEG ratio of 0.46 and a beta of 1.24. The company has a fifty day moving average price of $10.13 and a two-hundred day moving average price of $8.07.

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

Institutional Investors Weigh In On Iamgold

Institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position in shares of Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after buying an additional 2,623 shares during the last quarter. Banque Transatlantique SA bought a new stake in Iamgold in the second quarter valued at approximately $26,000. Summit Securities Group LLC bought a new stake in Iamgold in the first quarter valued at approximately $35,000. Tableaux LLC bought a new stake in Iamgold in the second quarter valued at approximately $61,000. Finally, Alpha Omega Wealth Management LLC bought a new stake in shares of Iamgold in the 1st quarter valued at $75,000. Institutional investors own 47.08% of the company's stock.

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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