Iamgold (IAG) Shares Gap Up to $3.63

Iamgold Corp (NYSE:IAG) (TSE:IMG) gapped up before the market opened on Friday . The stock had previously closed at $3.73, but opened at $3.63. Iamgold shares last traded at $3.74, with a volume of 335130 shares.

Several research firms have recently issued reports on IAG. Zacks Investment Research upgraded Iamgold from a “sell” rating to a “hold” rating in a report on Saturday. TheStreet cut Iamgold from a “c-” rating to a “d+” rating in a report on Wednesday. Canaccord Genuity restated a “buy” rating on shares of Iamgold in a report on Sunday, October 21st. Royal Bank of Canada set a $6.00 price objective on Iamgold and gave the stock a “hold” rating in a report on Thursday, October 11th. Finally, ValuEngine upgraded Iamgold from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Iamgold presently has an average rating of “Hold” and a consensus target price of $7.13.

The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 10.22 and a beta of -0.19. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.72 and a quick ratio of 3.80.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its earnings results on Wednesday, August 8th. The mining company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. Iamgold had a return on equity of 2.56% and a net margin of 2.54%. The firm had revenue of $277.40 million for the quarter, compared to analysts’ expectations of $265.13 million. During the same quarter last year, the firm earned $0.01 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, research analysts expect that Iamgold Corp will post 0.12 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in Iamgold by 4.7% in the second quarter. Van ECK Associates Corp now owns 64,001,511 shares of the mining company’s stock valued at $371,849,000 after acquiring an additional 2,862,271 shares during the last quarter. Tocqueville Asset Management L.P. boosted its holdings in Iamgold by 1.1% in the second quarter. Tocqueville Asset Management L.P. now owns 8,339,177 shares of the mining company’s stock valued at $48,451,000 after acquiring an additional 94,600 shares during the last quarter. United Services Automobile Association boosted its holdings in Iamgold by 6.4% in the second quarter. United Services Automobile Association now owns 2,256,500 shares of the mining company’s stock valued at $13,110,000 after acquiring an additional 136,300 shares during the last quarter. Trexquant Investment LP acquired a new position in Iamgold in the second quarter valued at $655,000. Finally, Canada Pension Plan Investment Board acquired a new position in Iamgold in the second quarter valued at $1,677,000. Hedge funds and other institutional investors own 53.44% of the company’s stock.

Iamgold Company Profile (NYSE:IAG)

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Québec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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