IAMGOLD (NYSE:IAG) Shares Gap Up – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $4.55, but opened at $4.65. IAMGOLD shares last traded at $4.78, with a volume of 883,942 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IAG. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday. StockNews.com upgraded IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Scotiabank boosted their price objective on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. Finally, CIBC upped their price objective on IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.73.

IAMGOLD Stock Down 0.4 %

The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $2.75 billion, a P/E ratio of 17.25 and a beta of 1.59. The company’s 50 day moving average price is $4.94 and its two-hundred day moving average price is $4.22.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. The business had revenue of $385.30 million during the quarter. During the same period last year, the firm earned ($0.01) earnings per share. As a group, research analysts expect that IAMGOLD Co. will post 0.49 earnings per share for the current year.

Institutional Trading of IAMGOLD

A number of hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC purchased a new position in IAMGOLD during the 3rd quarter valued at about $29,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in IAMGOLD by 3.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock valued at $1,154,000 after buying an additional 8,972 shares during the period. Continuum Advisory LLC raised its stake in IAMGOLD by 92.9% in the second quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock worth $77,000 after buying an additional 9,850 shares in the last quarter. TIAA Trust National Association purchased a new stake in IAMGOLD during the second quarter worth $38,000. Finally, WINTON GROUP Ltd bought a new stake in IAMGOLD during the 2nd quarter valued at $52,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.