IAMGOLD (NYSE:IAG) Shares Gap Down – Here’s Why

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) gapped down prior to trading on Monday . The stock had previously closed at $5.70, but opened at $5.47. IAMGOLD shares last traded at $5.40, with a volume of 780,179 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on IAG shares. CIBC raised their price objective on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and raised their price target for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Scotiabank boosted their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research report on Monday, August 19th. StockNews.com raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Finally, Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, IAMGOLD presently has an average rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Up 0.8 %

The company has a market cap of $3.07 billion, a price-to-earnings ratio of 4.20 and a beta of 1.57. The stock has a 50-day simple moving average of $5.34 and a 200-day simple moving average of $4.65. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24.

Hedge Funds Weigh In On IAMGOLD

Large investors have recently bought and sold shares of the stock. Virtu Financial LLC grew its holdings in IAMGOLD by 1,034.3% during the first quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock worth $1,132,000 after acquiring an additional 309,836 shares during the period. Semanteon Capital Management LP bought a new stake in shares of IAMGOLD in the 3rd quarter worth approximately $503,000. Van ECK Associates Corp lifted its stake in IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after purchasing an additional 4,267,084 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IAMGOLD by 158.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after buying an additional 2,839,556 shares in the last quarter. Finally, U S Global Investors Inc. grew its position in IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after buying an additional 604,114 shares during the last quarter. 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.