Iamgold (NYSE:IAG) Hits New 52-Week High - What's Next?

Key Points

• Iamgold Corporation shares have reached a new 52-week high of $12.98, reflecting a trading volume of 963,240 shares during the session.
• Analysts have varying ratings on Iamgold, with Royal Bank of Canada raising its target price from $9.00 to $14.00 and a consensus rating of "Moderate Buy."
• Despite the positive movement in stock price, Iamgold reported earnings of $0.13 EPS for the last quarter, missing expectations of $0.14.

Shares of Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.98 and last traded at $12.82, with a volume of 963240 shares trading hands. The stock had previously closed at $12.42.

Analysts Set New Price Targets

A number of research firms have weighed in on IAG. Royal Bank Of Canada upgraded Iamgold from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Finally, Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 target price on the stock in a research note on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.13.

Iamgold Trading Up 3.8%

The stock has a 50-day simple moving average of $9.03 and a 200 day simple moving average of $7.65. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 0.42 and a beta of 1.20.

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

Institutional Investors Weigh In On Iamgold

Several hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Iamgold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company's stock valued at $3,099,000 after purchasing an additional 5,053 shares in the last quarter. Alpha Omega Wealth Management LLC purchased a new position in Iamgold in the first quarter valued at $75,000. NewGen Asset Management Ltd acquired a new position in shares of Iamgold in the first quarter worth about $9,062,000. Ritholtz Wealth Management purchased a new stake in shares of Iamgold during the 1st quarter worth about $94,000. Finally, Precision Wealth Strategies LLC acquired a new stake in shares of Iamgold during the 1st quarter valued at about $565,000. Hedge funds and other 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.

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