IAMGOLD (NYSE:IAG) Shares Gap Up – What’s Next?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) gapped up prior to trading on Monday . The stock had previously closed at $4.94, but opened at $5.15. IAMGOLD shares last traded at $5.28, with a volume of 1,217,716 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and raised their target price for the stock from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Scotiabank upped their price target on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a report on Monday, August 19th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Up 8.3 %

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 company has a market capitalization of $3.06 billion, a PE ratio of 4.13 and a beta of 1.57. The stock’s fifty day moving average price is $5.29 and its two-hundred day moving average price is $4.56.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IAG. Vanguard Group Inc. grew its holdings in IAMGOLD by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,678,843 shares of the mining company’s stock worth $58,871,000 after purchasing an additional 168,302 shares during the period. Linscomb Wealth Inc. bought a new position in IAMGOLD during the 1st quarter valued at approximately $67,000. Virtu Financial LLC increased its position in IAMGOLD by 1,034.3% during the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock valued at $1,132,000 after buying an additional 309,836 shares in the last quarter. Cetera Advisors LLC bought a new position in IAMGOLD in the 1st quarter worth about $50,000. Finally, Continuum Advisory LLC lifted its holdings in shares of IAMGOLD by 92.9% during the 2nd quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock valued at $77,000 after buying an additional 9,850 shares during the period. 47.08% of the stock is currently 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.