Iamgold (NYSE:IAG) Shares Gap Down – Time to Sell?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Wednesday . The stock had previously closed at $16.18, but opened at $15.40. Iamgold shares last traded at $15.1680, with a volume of 3,117,520 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Scotiabank lifted their price objective on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $17.75.

Iamgold Stock Down 7.3%

The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $17.36 and a 200-day moving average price of $18.41. The firm has a market cap of $8.67 billion, a P/E ratio of 8.71, a P/E/G ratio of 0.81 and a beta of 1.25.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. On average, equities analysts forecast that Iamgold Corporation will post 2.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after purchasing an additional 84,939 shares during the period. Goldman Sachs Group Inc. raised its stake in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after buying an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Iamgold by 67.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after buying an additional 404,645 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after buying an additional 89,197 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Iamgold by 16.9% during the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock worth $3,899,000 after buying an additional 77,016 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

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.