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

Key Points

• Iamgold Corporation reached a new 52-week high of $9.12, closing at $9.08 with a significant trading volume of over 7.6 million shares.
• Analysts have mixed ratings for the company, with a consensus rating of "Moderate Buy" and an average target price of $8.53, although Zacks downgraded it from "strong-buy" to "hold".
• Iamgold reported earnings of $0.13 per share, missing estimates, with a net margin of 40.61% and revenue of $587.21 million for the quarter.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares reached a new 52-week high on Wednesday . The stock traded as high as $9.12 and last traded at $9.08, with a volume of 7617882 shares changing hands. The stock had previously closed at $8.83.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on IAG shares. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target for the company in a research report on Monday, June 30th. CIBC restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Scotiabank increased their price target on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, National Bankshares restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $8.53.

Iamgold Price Performance

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 stock has a market cap of $5.37 billion, a P/E ratio of 6.71, a price-to-earnings-growth ratio of 0.30 and a beta of 1.08. The business's 50-day simple moving average is $7.58 and its two-hundred day simple moving average is $6.94.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The business had revenue of $587.21 million for 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%. Sell-side analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

Institutional Investors Weigh In On Iamgold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Marex Group plc purchased a new stake in shares of Iamgold in the second quarter worth about $677,000. State of Wyoming purchased a new stake in Iamgold in the second quarter valued at approximately $201,000. L1 Capital Pty Ltd purchased a new stake in Iamgold in the second quarter valued at approximately $693,000. Hollencrest Capital Management purchased a new stake in Iamgold in the second quarter valued at approximately $377,000. Finally, Headlands Technologies LLC purchased a new stake in Iamgold in the second quarter valued at approximately $738,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.