Iamgold (NYSE:IAG) Reaches New 1-Year High - Time to Buy?

Key Points

• Iamgold Corporation shares have reached a new 52-week high of $11.44, demonstrating significant trading activity with volume exceeding 2.5 million shares.
• Brokerage analysts have mixed ratings for Iamgold, with ratings ranging from "Strong Buy" to "Hold," and a consensus target price of $10.13.
• In recent months, several institutional investors have increased their holdings in Iamgold, suggesting strong confidence in the company's performance and future prospects.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares hit a new 52-week high on Monday . The company traded as high as $11.44 and last traded at $11.39, with a volume of 2522989 shares trading hands. The stock had previously closed at $11.16.

Analyst Ratings Changes

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

Iamgold Price Performance

The business's fifty day simple moving average is $8.13 and its 200 day simple moving average is $7.23. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 8.20, a price-to-earnings-growth ratio of 0.36 and a beta of 1.21. 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 released its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing the consensus estimate 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%. 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 and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Iamgold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock worth $134,764,000 after purchasing an additional 361,608 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Iamgold by 12.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company's stock worth $154,046,000 after purchasing an additional 2,302,527 shares during the last quarter. American Century Companies Inc. increased its position in shares of Iamgold by 19.0% in the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock worth $75,489,000 after purchasing an additional 1,929,787 shares during the last quarter. Invesco Ltd. increased its position in shares of Iamgold by 19.6% in the 1st quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company's stock worth $53,352,000 after purchasing an additional 1,396,354 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company's stock worth $56,118,000 after purchasing an additional 4,928,077 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.