International Coal Down 13.5% On News Of 35 Million Share Offering (ICO)

Shares of International Coal Group, Inc. ICO are trading down 13.5% at $7.06 per share during the Tuesday afternoon trading session. The company's stock price took a hit after it announced an offering of nearly 35 million shares of the company's stock by affiliates of each of WL Ross & Co. and Fairfax Financial Holdings Limited. The day's range for shares of International Coal Group, Inc has been between $6.82 and $7.25 per share. The average price target of analysts who cover International Coal Group, Inc. (ICO) is $8.17 per share. Volume of 15.9 million shares is already more than 6 times the daily average volume of 2.5 million shares. International Coal Group, Inc is a leading producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois. The company's mining operations and reserves are strategically located to serve utility, metallurgical and industrial customers domestically and internationally. Read more from Benzinga's Company news.