IAMGOLD (NYSE:IAG) Trading Down 5.4% – What’s Next?

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) were down 5.4% on Friday . The stock traded as low as $5.27 and last traded at $5.29. Approximately 5,146,494 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 8,894,920 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on IAG shares. Scotiabank increased 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. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and upped their price target for the stock from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research note on Tuesday, October 22nd. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Down 5.0 %

The company has a market capitalization of $3.03 billion, a PE ratio of 4.16 and a beta of 1.56. The firm has a fifty day simple moving average of $5.35 and a 200-day simple moving average of $4.70. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in IAMGOLD during the 3rd quarter valued at approximately $267,000. Toronto Dominion Bank boosted its position in IAMGOLD by 15.6% during the 3rd quarter. Toronto Dominion Bank now owns 274,377 shares of the mining company’s stock worth $1,435,000 after acquiring an additional 37,005 shares during the period. Geode Capital Management LLC boosted its position in IAMGOLD by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after acquiring an additional 6,874 shares during the period. Public Employees Retirement System of Ohio acquired a new position in IAMGOLD during the 3rd quarter worth $1,083,000. Finally, XTX Topco Ltd boosted its position in IAMGOLD by 84.5% during the 3rd quarter. XTX Topco Ltd now owns 118,740 shares of the mining company’s stock worth $621,000 after acquiring an additional 54,392 shares during the period. Institutional investors and hedge funds 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.