IAMGOLD (NYSE:IAG) Stock Price Down 5.4% – What’s Next?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was down 5.4% during trading on Friday . The stock traded as low as $5.27 and last traded at $5.29. Approximately 5,146,494 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 8,894,920 shares. The stock had previously closed at $5.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Scotiabank boosted their price target on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and increased their price objective for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Finally, Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Trading Down 4.3 %

The stock’s fifty day moving average price is $5.36 and its 200 day moving average price is $4.70. The stock has a market cap of $3.06 billion, a P/E ratio of 4.18 and a beta of 1.56. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds have recently bought and sold shares of the business. Virtu Financial LLC bought a new position in shares of IAMGOLD during the third quarter valued at approximately $267,000. Toronto Dominion Bank increased its position in IAMGOLD by 15.6% during the 3rd quarter. Toronto Dominion Bank now owns 274,377 shares of the mining company’s stock valued at $1,435,000 after buying an additional 37,005 shares in the last quarter. Geode Capital Management LLC boosted its holdings in IAMGOLD by 2.7% in the third quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after acquiring an additional 6,874 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of IAMGOLD in the third quarter worth $1,083,000. Finally, XTX Topco Ltd increased its holdings in shares of IAMGOLD by 84.5% during the third quarter. XTX Topco Ltd now owns 118,740 shares of the mining company’s stock valued at $621,000 after acquiring an additional 54,392 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

IAMGOLD Company Profile

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.