IAMGOLD (NYSE:IAG) Shares Gap Up – Here’s Why

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price gapped up before the market opened 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.

Analysts Set New Price Targets

Several research firms have recently issued reports on IAG. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Monday, November 11th. CIBC upped their price objective on shares of IAMGOLD from $5.40 to $6.40 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Finally, Scotiabank increased their price target on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Performance

The stock’s 50-day moving average is $5.30 and its 200-day moving average is $4.57. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 4.32 and a beta of 1.57.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds have recently made changes to their positions in IAG. Virtu Financial LLC increased its holdings in IAMGOLD by 1,034.3% in the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock valued at $1,132,000 after purchasing an additional 309,836 shares in the last quarter. Semanteon Capital Management LP acquired a new stake in shares of IAMGOLD in the third quarter valued at about $503,000. Van ECK Associates Corp raised its holdings in shares of IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after buying an additional 4,267,084 shares during the period. U S Global Investors Inc. lifted its position in IAMGOLD by 241.6% during the 3rd quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after acquiring an additional 604,114 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in IAMGOLD by 1,973.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,012,000 shares of the mining company’s stock worth $5,311,000 after acquiring an additional 963,200 shares during the period. Hedge funds and other 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.