Iamgold (NYSE:IAG) Trading Down 7.6% – Here’s What Happened

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares fell 7.6% during mid-day trading on Friday . The company traded as low as $19.69 and last traded at $19.7590. 3,689,846 shares traded hands during trading, a decline of 58% from the average session volume of 8,783,984 shares. The stock had previously closed at $21.38.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IAG shares. Scotiabank increased their price objective on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Finally, Zacks Research upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold presently has an average rating of “Buy” and an average price target of $17.75.

Iamgold Price Performance

The stock has a market capitalization of $11.88 billion, a PE ratio of 17.48, a P/E/G ratio of 1.73 and a beta of 1.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The stock’s fifty day moving average is $20.32 and its 200-day moving average is $15.66.

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

Insider Transactions at Iamgold

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rathbones Group PLC increased its holdings in Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after acquiring an additional 418,861,592 shares in the last quarter. Van ECK Associates Corp lifted its stake in Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after purchasing an additional 13,691,148 shares in the last quarter. FIL Ltd grew its position in shares of Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after purchasing an additional 1,068,465 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Iamgold by 12.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock worth $154,046,000 after buying an additional 2,302,527 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

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.