Iamgold (NYSE:IAG) Hits New 1-Year High - Should You 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 reached a new 52-week high on Tuesday . The stock traded as high as $9.58 and last traded at $9.29, with a volume of 664211 shares traded. The stock had previously closed at $9.31.

Analysts Set New Price Targets

IAG has been the topic of several analyst reports. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Scotiabank upped their target price on shares of Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a report on Monday, May 12th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price on the stock in a report on Monday, June 30th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.53.

Iamgold Trading Up 0.6%

The company's 50-day moving average is $7.62 and its 200-day moving average is $6.96. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 6.74, a P/E/G ratio of 0.30 and a beta of 1.20. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Marex Group plc acquired a new position in Iamgold during the 2nd quarter valued at about $677,000. State of Wyoming acquired a new position in Iamgold during the 2nd quarter valued at about $201,000. L1 Capital Pty Ltd acquired a new position in Iamgold during the 2nd quarter valued at about $693,000. Hollencrest Capital Management acquired a new position in Iamgold during the 2nd quarter valued at about $377,000. Finally, Headlands Technologies LLC acquired a new position in Iamgold during the 2nd quarter valued at about $738,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Iamgold

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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