IAMGOLD (NYSE:IAG) Shares Gap Up – Still a Buy?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares gapped up prior to trading 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 traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research report on Tuesday, October 22nd. StockNews.com upgraded IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday, November 11th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and upped their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Scotiabank increased their price target on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. Finally, National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Trading Up 8.3 %

The company’s 50-day simple moving average is $5.29 and its 200 day simple moving average is $4.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $3.06 billion, a PE ratio of 4.13 and a beta of 1.57.

Institutional Trading of IAMGOLD

A number of institutional investors have recently made changes to their positions in the business. Virtu Financial LLC grew its position in IAMGOLD by 1,034.3% during the 1st quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock worth $1,132,000 after purchasing an additional 309,836 shares during the last quarter. Semanteon Capital Management LP acquired a new position in shares of IAMGOLD in the 3rd quarter valued at about $503,000. Van ECK Associates Corp boosted its stake in shares of IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after buying an additional 4,267,084 shares during the last quarter. U S Global Investors Inc. grew its holdings in IAMGOLD by 241.6% during the third 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 during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in IAMGOLD by 1,973.8% during the third 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. 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.