Iamgold (NYSE:IAG) Shares Gap Down to $3.40

Shares of Iamgold Corp (NYSE:IAG) (TSE:IMG) gapped down before the market opened on Friday . The stock had previously closed at $3.23, but opened at $3.40. Iamgold shares last traded at $3.44, with a volume of 2,698,262 shares changing hands.

A number of research firms have recently issued reports on IAG. CSFB downgraded shares of Iamgold from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $4.75 to $3.75 in a research report on Thursday, August 8th. Liberum Capital reiterated a “buy” rating on shares of Iamgold in a research report on Thursday, October 31st. GMP Securities downgraded shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein reiterated a “neutral” rating on shares of Iamgold in a research report on Wednesday, October 30th. Finally, Credit Suisse Group downgraded shares of Iamgold from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $4.26.

The company has a current ratio of 4.14, a quick ratio of 3.05 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $3.61 and its two-hundred day moving average price is $3.31. The firm has a market capitalization of $1.74 billion, a PE ratio of 55.83, a PEG ratio of 49.60 and a beta of -0.02.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Wednesday, August 7th. The mining company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.02). Iamgold had a negative return on equity of 1.45% and a negative net margin of 9.84%. The business had revenue of $246.50 million for the quarter, compared to analysts’ expectations of $272.94 million. During the same period last year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. Analysts expect that Iamgold Corp will post 0.03 earnings per share for the current year.

In other Iamgold news, insider Harmer Peter acquired 180,659 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was acquired at an average cost of $7.95 per share, with a total value of $1,435,335.76.

Hedge funds have recently added to or reduced their stakes in the business. Brookstone Capital Management purchased a new stake in Iamgold in the 3rd quarter worth approximately $38,000. Cerebellum GP LLC purchased a new stake in Iamgold in the 3rd quarter worth approximately $77,000. Cetera Advisors LLC purchased a new stake in Iamgold in the 2nd quarter worth approximately $49,000. Ropes Wealth Advisors LLC purchased a new stake in Iamgold in the 3rd quarter worth approximately $72,000. Finally, Clean Yield Group grew its stake in Iamgold by 168.8% in the 2nd quarter. Clean Yield Group now owns 43,000 shares of the mining company’s stock worth $145,000 after acquiring an additional 27,000 shares during the period. 57.30% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile (NYSE:IAG)

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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