Iamgold (NYSE:IAG) Hits New 1-Year High - What's Next?

Key Points

• Iamgold Corporation shares reached a new 12-month high of $8.38 during trading, with a last traded price of $8.29 and a volume of over 11 million shares.
• Analysts maintain a consensus rating of "Moderate Buy" for Iamgold, with an average price target of $8.53 based on recent upgrades from firms like Raymond James and Scotiabank.
• In institutional trading, several hedge funds significantly increased their holdings in Iamgold, highlighting growing investor interest in the company.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's share price hit a new 52-week high during trading on Friday . The company traded as high as $8.38 and last traded at $8.29, with a volume of 11668340 shares. The stock had previously closed at $8.00.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on IAG shares. Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Scotiabank lifted their price objective 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. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research report on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Finally, CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Two investment 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.53.

Iamgold Stock Performance

The firm has a market cap of $4.70 billion, a PE ratio of 5.87, a price-to-earnings-growth ratio of 0.25 and a beta of 1.08. The business has a 50 day simple moving average of $7.37 and a two-hundred day simple moving average of $6.81. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31.

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

Institutional Trading of Iamgold

Institutional investors and hedge funds have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Iamgold in the first quarter valued at approximately $647,000. Ritholtz Wealth Management bought a new stake in Iamgold during the 1st quarter valued at $94,000. Cerity Partners LLC lifted its holdings in shares of Iamgold by 28.0% in the 1st quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock worth $470,000 after buying an additional 16,475 shares during the period. Geode Capital Management LLC grew its position in shares of Iamgold by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after buying an additional 10,468 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Iamgold during the 4th quarter worth $107,000. Institutional investors own 47.08% of the company's stock.

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.