IAMGOLD (NYSE:IAG) Shares Gap Up – What’s Next?

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.

Analyst Upgrades and Downgrades

IAG has been the subject of a number of analyst reports. 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 report on Tuesday, October 22nd. Scotiabank increased 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 raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Trading Up 4.4 %

The company has a market cap of $3.16 billion, a P/E ratio of 4.32 and a beta of 1.57. The business has a fifty day simple moving average of $5.30 and a 200 day simple moving average of $4.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds have recently added to or reduced their stakes in IAG. Vanguard Group Inc. lifted its position in shares of IAMGOLD by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 17,678,843 shares of the mining company’s stock worth $58,871,000 after buying an additional 168,302 shares during the last quarter. Linscomb Wealth Inc. bought a new position in IAMGOLD in the first quarter worth about $67,000. Virtu Financial LLC boosted its stake in IAMGOLD by 1,034.3% in the first quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock valued at $1,132,000 after acquiring an additional 309,836 shares during the period. Cetera Advisors LLC bought a new position in shares of IAMGOLD during the first quarter valued at approximately $50,000. Finally, Continuum Advisory LLC raised its position in shares of IAMGOLD by 92.9% during the 2nd quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock worth $77,000 after purchasing an additional 9,850 shares during the period. Institutional investors and hedge funds 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.