Shares of IAMGOLD Corp (USA) (NYSE:IAG) are up today amid some serious market uncertainties, after the Chinese Stock Market declined nearly 7% on fears of economic slowdown in the country. Other markets around the world are also down big today following China’s cues. This, while bad for the majority of stocks, is good for the price of gold, and subsequently stocks that mine, produce and deal with gold.
This is one of the main reasons shares of IAMGOLD Corp (USA) (NYSE:IAG) are trading up so high today, and if things continue the way they are, we could see future gains for the Toronto-based company as well. While the share price is up big, trade volume for IAG is not really much higher than the 3-month average. It should be interesting to follow the moves that this stock makes, in relation to the rest of the market as a whole in the coming week.
The stock is up 8.45% or $0.12 following the news, hitting $1.54 per share. About 4.26 million shares traded hands or up 25.29% from the average. IAG has declined 30.05% since May 29, 2015 and is currently downtrending. It has underperformed the S&P500 by 27.92%.
From a total of 6 analysts covering Iamgold Corp (NYSE:IAG) stock, 0 rate it a “Buy”, 5 a “Sell”, and 1 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $2 while the lowest target price is $1.80. The mean of all analyst targets is $1.93 which is 25.32% above today’s ($1.54) stock price. Iamgold Corp was the topic of 10 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley reinitiated shares on November 25 with a “Underweight” rating. Canaccord Genuity downgraded IAG stock in a recent report from October 21 to a “Sell” rating. Finally, Raymond James downgraded the stock to a “Underperform” rating in a report they issued on a July 24.
IAMGOLD Corporation is a mid-tier mining firm with four operating gold mines on three continents. The company has a market cap of $558.49 million. The Firm mines include Rosebel Gold Mine, Essakane Gold Mine, Sadiola Gold Mine and Yatela Gold Mine. It currently has negative earnings. IAMGOLD operates in West Africa, the Guiana Shield of South America and Quebec and has a pipeline of development and exploration projects.