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

IAMGOLD Co. (NYSE:IAG - Get Free Report) TSE: IMG shares gapped up before the market opened on Wednesday . The stock had previously closed at $5.81, but opened at $6.16. IAMGOLD shares last traded at $6.51, with a volume of 5,543,143 shares traded.

Wall Street Analyst Weigh In

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

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IAMGOLD Stock Up 0.6 %

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 firm has a 50 day simple moving average of $6.06 and a 200-day simple moving average of $5.66. The stock has a market cap of $4.16 billion, a P/E ratio of 5.01 and a beta of 1.52.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.05). IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The business had revenue of $469.90 million during the quarter, compared to the consensus estimate of $498.68 million. On average, equities research analysts forecast that IAMGOLD Co. will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Tobam acquired a new position in shares of IAMGOLD in the fourth quarter valued at approximately $25,000. Blue Trust Inc. boosted its stake in IAMGOLD by 157.1% in the 4th 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 acquired a new position in IAMGOLD in the 4th quarter valued at $56,000. Atria Wealth Solutions Inc. bought a new position in IAMGOLD during the 4th quarter worth $68,000. Finally, Choreo LLC acquired a new stake in shares of IAMGOLD during the fourth quarter worth $88,000. 47.08% of the stock is owned by institutional investors.

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.