Iamgold (NYSE:IAG) Shares Gap Up – Still a Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped up before the market opened on Wednesday . The stock had previously closed at $10.96, but opened at $12.28. Iamgold shares last traded at $12.2640, with a volume of 4,968,825 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on IAG. CIBC boosted their price target on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial boosted their price target on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Scotiabank upped their target price on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $15.25.

Iamgold Trading Up 10.1%

The business has a 50 day moving average price of $11.73 and a 200-day moving average price of $8.84. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.94 billion, a P/E ratio of 8.68, a PEG ratio of 0.39 and a beta of 1.22.

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

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC boosted its position in Iamgold by 4.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 38,499 shares of the mining company’s stock worth $498,000 after purchasing an additional 1,598 shares during the last quarter. Tsfg LLC bought a new position in Iamgold in the 3rd quarter worth about $26,000. Parallel Advisors LLC increased its position in shares of Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after purchasing an additional 2,623 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in Iamgold by 17.8% during the 1st quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company’s stock valued at $125,000 after acquiring an additional 3,020 shares during the period. Finally, Measured Wealth Private Client Group LLC boosted its holdings in Iamgold by 4.0% during the 2nd quarter. Measured Wealth Private Client Group LLC now owns 89,293 shares of the mining company’s stock valued at $656,000 after acquiring an additional 3,396 shares during the period. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

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.