Iamgold (NYSE:IAG) Reaches New 1-Year High - Time to Buy?

Key Points

• Iamgold Corporation shares reached a new 52-week high of $9.58, reflecting strong trading activity with 664,211 shares exchanged on the day.
• The stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a target price averaging $8.53.
• Recent quarterly earnings reported a miss on EPS estimates, with Iamgold posting $0.13 compared to the expected $0.14, alongside a revenue of $587.21 million.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $9.58 and last traded at $9.29, with a volume of 664211 shares. The stock had previously closed at $9.31.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. National Bankshares restated an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target on the stock in a research note on Monday, June 30th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Scotiabank increased their price target on shares of Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Finally, CIBC restated an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Iamgold currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.53.

Iamgold Stock Up 4.8%

The business's 50 day moving average is $7.80 and its 200-day moving average is $7.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 7.13, a price-to-earnings-growth ratio of 0.32 and a beta of 1.21.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Iamgold had a net margin of 40.61% and a return on equity of 8.54%. The firm had revenue of $587.21 million during the quarter, compared to analyst estimates of $663.21 million. Equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Marex Group plc acquired a new position in Iamgold in the 2nd quarter valued at $677,000. State of Wyoming bought a new stake in Iamgold in the 2nd quarter valued at $201,000. L1 Capital Pty Ltd bought a new stake in Iamgold in the 2nd quarter valued at $693,000. Hollencrest Capital Management bought a new stake in Iamgold in the 2nd quarter valued at $377,000. Finally, Headlands Technologies LLC bought a new stake in Iamgold in the 2nd quarter valued at $738,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.