Iamgold (NYSE:IAG) Reaches New 52-Week High – Here’s Why

by · The Markets Daily

Iamgold Corporation (NYSE:IAG – Get Free Report) (TSE:IMG)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $15.90 and last traded at $16.0190, with a volume of 899651 shares. The stock had previously closed at $15.46.

Analysts Set New Price Targets

IAG has been the topic of several research analyst reports. CIBC boosted their target price on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial boosted their price objective on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. Stifel Canada raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $15.25.

Read Our Latest Analysis on IAG

Iamgold Trading Up 5.6%

The firm has a market cap of $9.40 billion, a price-to-earnings ratio of 27.26, a price-to-earnings-growth ratio of 0.41 and a beta of 1.39. The business has a 50 day moving average of $13.44 and a 200 day moving average of $10.15. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last released its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. The company had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. On average, research analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently made changes to their positions in IAG. Parallel Advisors LLC grew its position in shares of Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after purchasing an additional 2,623 shares during the period. Tsfg LLC acquired a new stake in Iamgold in the 3rd quarter worth about $26,000. Banque Transatlantique SA purchased a new stake in Iamgold in the 2nd quarter valued at about $26,000. Summit Securities Group LLC acquired a new position in shares of Iamgold during the 1st quarter valued at about $35,000. Finally, Tableaux LLC purchased a new position in shares of Iamgold during the 2nd quarter worth about $61,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Iamgold

(Get Free Report)

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.

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