IAMGOLD (NYSE:IAG) Shares Down 3.1% – Time to Sell?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) fell 3.1% during trading on Tuesday . The company traded as low as $5.21 and last traded at $5.30. 1,622,653 shares traded hands during trading, a decline of 82% from the average session volume of 8,917,976 shares. The stock had previously closed at $5.47.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and upped their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Price Performance

The firm has a market cap of $3.21 billion, a P/E ratio of 4.38 and a beta of 1.56. The business’s fifty day simple moving average is $5.38 and its 200-day simple moving average is $5.00. 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

A number of institutional investors and hedge funds have recently modified their holdings of the company. ORG Partners LLC bought a new stake in IAMGOLD during the 3rd quarter worth approximately $29,000. Eastern Bank bought a new position in shares of IAMGOLD in the third quarter worth $30,000. Aigen Investment Management LP boosted its stake in IAMGOLD by 10.6% during the third quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock valued at $368,000 after buying an additional 6,704 shares during the period. Geode Capital Management LLC grew its position in IAMGOLD by 2.7% during the third quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after buying an additional 6,874 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after acquiring an additional 8,972 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other 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.