Iamgold (NYSE:IAG) Sets New 1-Year High - Here's Why

Key Points

• Iamgold Corporation's stock hit a new 52-week high at $11.62, demonstrating a notable increase from its previous close of $11.34.
• Analysts have issued varying ratings on Iamgold, with Royal Bank of Canada raising its target price from $9.00 to $14.00, while Zacks Research downgraded the rating from "strong-buy" to "hold."
• Institutional investors showed significant interest, with Mackenzie Financial Corp increasing its holdings by 183.5%, indicating growing confidence in the company's future prospects.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG hit a new 52-week high on Monday . The company traded as high as $11.62 and last traded at $11.39, with a volume of 223377 shares changing hands. The stock had previously closed at $11.34.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. CIBC restated an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 price objective for the company in a research note on Monday, June 30th. 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $10.13.

Iamgold Trading Up 5.8%

The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 8.63, a P/E/G ratio of 0.36 and a beta of 1.20. The business has a 50-day moving average of $8.64 and a two-hundred day moving average of $7.47.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data 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 company had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. Research analysts predict that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

Hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. bought a new stake in Iamgold during the 1st quarter worth approximately $45,911,000. Mackenzie Financial Corp boosted its holdings in shares of Iamgold by 183.5% in the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company's stock valued at $56,118,000 after buying an additional 4,928,077 shares during the period. Bornite Capital Management LP bought a new stake in shares of Iamgold during the second quarter worth $34,089,000. Nuveen LLC acquired a new stake in shares of Iamgold during the first quarter worth $20,620,000. Finally, Anson Funds Management LP lifted its position in Iamgold by 2,100.0% in the 1st quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company's stock valued at $20,598,000 after acquiring an additional 3,150,000 shares in the last quarter. 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.