Iamgold (NYSE:IAG) Shares Gap Down – Here’s What Happened

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $19.68, but opened at $18.17. Iamgold shares last traded at $19.0540, with a volume of 625,385 shares trading hands.

Analyst Upgrades and Downgrades

IAG has been the topic of a number of recent analyst reports. TD Securities restated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.75.

Iamgold Price Performance

The firm has a 50 day moving average of $20.41 and a 200-day moving average of $16.58. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.22 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.51 and a beta of 1.46.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. On average, equities research analysts predict that Iamgold Corporation will post 0.67 EPS for the current year.

Insider Buying and Selling at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at approximately $657,400. This trade represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Teachers Retirement System of The State of Kentucky lifted its position in shares of Iamgold by 28.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company’s stock worth $7,602,000 after buying an additional 130,400 shares in the last quarter. Waratah Capital Advisors Ltd. grew its holdings in Iamgold by 731.8% during the 3rd quarter. Waratah Capital Advisors Ltd. now owns 2,113,558 shares of the mining company’s stock valued at $27,328,000 after buying an additional 1,859,463 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Iamgold by 33.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock valued at $45,318,000 after buying an additional 878,000 shares in the last quarter. CI Investments Inc. bought a new stake in Iamgold in the 3rd quarter worth approximately $96,747,000. Finally, Gamco Investors INC. ET AL increased its stake in Iamgold by 381.0% in the 3rd quarter. Gamco Investors INC. ET AL now owns 393,280 shares of the mining company’s stock worth $5,084,000 after acquiring an additional 311,510 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

About Iamgold

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.