IAMGOLD (NYSE:IAG) Shares Gap Up – Still a Buy?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $7.44, but opened at $7.82. IAMGOLD shares last traded at $8.12, with a volume of 5,225,088 shares.

Wall Street Analysts Forecast Growth

IAG has been the subject of a number of research reports. CIBC restated an “outperform” rating on shares of IAMGOLD in a research note on Thursday, March 20th. Raymond James restated a “market perform” rating and issued a $8.00 price objective on shares of IAMGOLD in a research report on Friday, April 4th. StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Scotiabank increased their price target on shares of IAMGOLD from $6.75 to $7.50 and gave the company a “sector perform” rating in a research note on Monday. Finally, National Bank Financial raised IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.57.

IAMGOLD Trading Down 3.4 %

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 $4.47 billion, a P/E ratio of 5.39 and a beta of 1.52. The business has a fifty day moving average price of $6.16 and a 200 day moving average price of $5.72.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released 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 return on equity of 10.64% and a net margin of 50.19%. The firm had revenue of $469.90 million for the quarter, compared to analyst estimates of $498.68 million. On average, analysts expect that IAMGOLD Co. will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. RCF Management L.L.C. acquired a new stake in IAMGOLD during the fourth quarter worth approximately $128,174,000. Millennium Management LLC lifted its holdings in IAMGOLD by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company’s stock worth $53,307,000 after purchasing an additional 4,846,254 shares during the last quarter. Invesco Ltd. lifted its holdings in IAMGOLD by 41.6% during the 4th quarter. Invesco Ltd. now owns 7,139,935 shares of the mining company’s stock worth $36,842,000 after purchasing an additional 2,098,215 shares during the last quarter. American Century Companies Inc. boosted its stake in IAMGOLD by 25.9% in the 4th quarter. American Century Companies Inc. now owns 10,162,314 shares of the mining company’s stock valued at $52,499,000 after purchasing an additional 2,092,803 shares during the period. Finally, Cibc World Market Inc. increased its position in IAMGOLD by 54.0% during the 4th quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after buying an additional 1,795,869 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.