IAMGOLD (NYSE:IAG) Shares Gap Down – Here’s Why

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares gapped down before the market opened on Monday . The stock had previously closed at $5.70, but opened at $5.47. IAMGOLD shares last traded at $5.40, with a volume of 780,179 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. StockNews.com raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. CIBC raised their price target on shares of IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and boosted their target price for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Down 6.3 %

The firm’s 50 day simple moving average is $5.34 and its two-hundred day simple moving average is $4.63. The stock has a market capitalization of $3.05 billion, a P/E ratio of 4.37 and a beta of 1.57. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently modified their holdings of the company. ORG Partners LLC acquired a new stake in shares of IAMGOLD in the 3rd quarter worth about $29,000. Eastern Bank purchased a new position in shares of IAMGOLD during the third quarter valued at approximately $30,000. TIAA Trust National Association bought a new stake in IAMGOLD during the second quarter worth $38,000. International Assets Investment Management LLC bought a new position in IAMGOLD during the 3rd quarter valued at $700,000. Finally, WINTON GROUP Ltd purchased a new position in IAMGOLD during the 2nd quarter worth $52,000. 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.