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

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s stock price 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 trading hands.

Wall Street Analyst Weigh In

IAG has been the topic of several recent analyst reports. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. CIBC boosted their price objective on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research note on Monday, November 11th. Scotiabank lifted their target price on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Finally, Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, IAMGOLD currently has an average rating of “Moderate Buy” and a consensus price target of $6.68.

IAMGOLD Price Performance

The business’s 50-day simple moving average is $5.34 and its two-hundred day simple moving average is $4.63. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The stock has a market cap of $3.05 billion, a P/E ratio of 4.37 and a beta of 1.57.

Institutional Investors Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Partners LLC bought a new position in shares of IAMGOLD in the third quarter worth $29,000. Eastern Bank purchased a new stake in IAMGOLD during the 3rd quarter worth about $30,000. Aigen Investment Management LP boosted its stake in IAMGOLD by 10.6% in the 3rd quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock worth $368,000 after purchasing an additional 6,704 shares during the period. Geode Capital Management LLC increased its position in shares of IAMGOLD by 2.7% during the third quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock valued at $1,392,000 after buying an additional 6,874 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of IAMGOLD by 3.0% in 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 acquiring an additional 8,972 shares during the period. Institutional investors 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.