Iamgold (NYSE:IAG) Hits New 12-Month High - Should You Buy?

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 shares hit a new 52-week high during trading on Friday . The stock 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.

Analyst Upgrades and Downgrades

IAG has been the topic of several research reports. National Bankshares reiterated 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 objective on the stock in a research note on Monday, June 30th. Scotiabank increased 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. Finally, CIBC restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.53.

Iamgold Stock Up 3.3%

The business has a 50 day simple moving average of $7.31 and a 200 day simple moving average of $6.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.83. The stock has a market cap of $4.75 billion, a PE ratio of 5.97, a P/E/G ratio of 0.25 and a beta of 1.08.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its 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). 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 analysts' expectations of $663.21 million. On average, equities research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Several institutional investors and hedge funds have recently modified their holdings of the business. P Schoenfeld Asset Management LP lifted its position in shares of Iamgold by 14.3% during the 2nd quarter. P Schoenfeld Asset Management LP now owns 3,260,304 shares of the mining company's stock worth $23,963,000 after purchasing an additional 408,000 shares during the last quarter. Moore Capital Management LP lifted its position in shares of Iamgold by 80.3% during the 2nd quarter. Moore Capital Management LP now owns 1,030,538 shares of the mining company's stock worth $7,574,000 after purchasing an additional 459,098 shares during the last quarter. Man Group plc increased its holdings in shares of Iamgold by 3,124.7% during the 2nd quarter. Man Group plc now owns 801,789 shares of the mining company's stock worth $5,893,000 after purchasing an additional 776,925 shares during the period. Merewether Investment Management LP increased its holdings in shares of Iamgold by 14.9% during the 2nd quarter. Merewether Investment Management LP now owns 5,018,690 shares of the mining company's stock worth $36,887,000 after purchasing an additional 651,790 shares during the period. Finally, Engineers Gate Manager LP increased its holdings in shares of Iamgold by 13.1% during the 2nd quarter. Engineers Gate Manager LP now owns 47,383 shares of the mining company's stock worth $348,000 after purchasing an additional 5,501 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

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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