IAMGOLD (NYSE:IAG) Shares Gap Down - Here's Why

IAMGOLD Co. (NYSE:IAG - Get Free Report) TSE: IMG's stock price gapped down before the market opened on Monday . The stock had previously closed at $7.22, but opened at $7.06. IAMGOLD shares last traded at $7.17, with a volume of 2,732,783 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. StockNews.com downgraded IAMGOLD from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. CIBC restated an "outperform" rating on shares of IAMGOLD in a research report on Thursday, March 20th. Raymond James reiterated a "market perform" rating and set a $8.00 price target on shares of IAMGOLD in a research report on Friday, April 4th. National Bank Financial raised shares of IAMGOLD to a "strong-buy" rating in a research note on Friday, March 21st. Finally, Scotiabank raised their price target on shares of IAMGOLD from $6.75 to $7.50 and gave the stock a "sector perform" rating in a research note on Monday. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $7.57.

IAMGOLD Stock Down 3.4 %

The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 5.39 and a beta of 1.52. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. The firm's fifty day simple moving average is $6.16 and its two-hundred day simple moving average is $5.72.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.05). The firm had revenue of $469.90 million for the quarter, compared to analysts' expectations of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. Sell-side analysts anticipate that IAMGOLD Co. will post 0.67 EPS for the current year.

Institutional Investors Weigh In On IAMGOLD

Hedge funds and other institutional investors have recently modified their holdings of the company. Tobam purchased a new stake in IAMGOLD during the fourth quarter worth approximately $25,000. Blue Trust Inc. increased its stake in IAMGOLD by 157.1% in the fourth quarter. Blue Trust Inc. now owns 9,018 shares of the mining company's stock valued at $47,000 after purchasing an additional 5,511 shares during the period. Raab & Moskowitz Asset Management LLC purchased a new stake in IAMGOLD during the 4th quarter valued at approximately $56,000. Atria Wealth Solutions Inc. acquired a new stake in shares of IAMGOLD during the fourth quarter worth $68,000. Finally, Alpha Omega Wealth Management LLC purchased a new stake in shares of IAMGOLD in the first quarter valued at about $75,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.