IAMGOLD (NYSE:IAG) Trading Down 3.1% – What’s Next?

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) dropped 3.1% on Tuesday . The company traded as low as $5.21 and last traded at $5.30. Approximately 1,622,653 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 8,917,976 shares. The stock had previously closed at $5.47.

Analyst Ratings Changes

A number of research firms have recently commented on IAG. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.57.

IAMGOLD Stock Up 2.2 %

The stock’s 50-day simple moving average is $5.39 and its 200 day simple moving average is $5.02. The firm has a market cap of $3.12 billion, a P/E ratio of 4.26 and a beta of 1.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

Institutional Trading of IAMGOLD

Several large investors have recently modified their holdings of IAG. Van ECK Associates Corp grew its stake in IAMGOLD by 8.8% in 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 acquiring an additional 4,267,084 shares during the period. Two Sigma Advisers LP lifted its stake in IAMGOLD by 58.8% during the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after acquiring an additional 3,732,315 shares in the last quarter. FMR LLC boosted its holdings in IAMGOLD by 107.9% during the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after acquiring an additional 4,577,599 shares during the last quarter. Millennium Management LLC grew its stake in shares of IAMGOLD by 194.2% in the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock worth $29,573,000 after acquiring an additional 5,204,715 shares in the last quarter. Finally, American Century Companies Inc. grew its position in IAMGOLD by 28.6% in the 2nd quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock worth $21,423,000 after purchasing an additional 1,270,608 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

IAMGOLD Company Profile

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.