Iamgold (NYSE:IAG) Trading Down 7.6% - Here's What Happened

Key Points

• Shares fell 7.6% intraday to about $19.76 on Friday, with trading volume of 3.69 million shares, a 58% decline from the average session volume.
• Iamgold beat quarterly EPS expectations ($0.70 vs. $0.55) and has a consensus analyst rating of "Buy", though the MarketBeat consensus target is $17.75 while some analysts (e.g., Scotiabank) have raised targets as high as $25.
• Director David Stewart Smith sold 31,000 shares at an average of $32.87, leaving insider ownership at only 0.17%, while institutional investors own about 47.08% of the stock.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's share price fell 7.6% during mid-day trading on Friday . The stock traded as low as $19.69 and last traded at $19.7590. 3,689,846 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 8,783,984 shares. The stock had previously closed at $21.38.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Securities reissued a "buy" rating on shares of Iamgold in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Iamgold in a research note on Thursday, January 22nd. Zacks Research raised shares of Iamgold from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 27th. Scotiabank boosted their price target on shares of Iamgold to $25.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Iamgold in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $17.75.

Iamgold Price Performance

The company has a market cap of $11.88 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 1.73 and a beta of 1.33. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $20.32 and a 200-day simple moving average of $15.66.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. As a group, research analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the business's stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director owned 20,000 shares of the company's stock, valued at approximately $657,400. The trade was a 60.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On Iamgold

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tsfg LLC purchased a new position in Iamgold in the 3rd quarter worth $26,000. Banque Transatlantique SA acquired a new position in shares of Iamgold in the second quarter valued at about $26,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Iamgold in the fourth quarter worth about $30,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold in the fourth quarter worth about $33,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Iamgold during the fourth quarter worth about $38,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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