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

Key Points

• Iamgold's stock reached a new 52-week high at $13.96 during trading, significantly up from its previous close of $13.28, with a trading volume of over 1 million shares.
• Analysts are mixed on Iamgold; while Royal Bank of Canada upgraded the stock to "outperform" with a target price of $14.00, Zacks Research downgraded it from "strong-buy" to "hold."
• In its last earnings report, Iamgold missed earnings estimates with EPS of $0.13 against a forecast of $0.14, indicating potential challenges in revenue growth as well.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $13.96 and last traded at $13.78, with a volume of 1012207 shares traded. The stock had previously closed at $13.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on IAG shares. Royal Bank Of Canada raised Iamgold from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $9.00 to $14.00 in a research report on Wednesday, September 10th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a report on Monday, June 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Iamgold in a research report on Saturday, September 27th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $10.13.

Iamgold Trading Up 3.7%

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 business's fifty day simple moving average is $9.62 and its 200 day simple moving average is $7.89. The stock has a market cap of $7.92 billion, a P/E ratio of 9.91, a price-to-earnings-growth ratio of 0.45 and a beta of 1.24.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data 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 firm 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%. As a group, analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Parallel Advisors LLC increased its stake in Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock worth $26,000 after acquiring an additional 2,623 shares during the period. Banque Transatlantique SA bought a new stake in Iamgold during the 2nd quarter worth approximately $26,000. Summit Securities Group LLC acquired a new stake in shares of Iamgold in the first quarter valued at about $35,000. Tableaux LLC acquired a new position in shares of Iamgold in the 2nd quarter worth approximately $61,000. Finally, Alpha Omega Wealth Management LLC bought a new stake in Iamgold during the first quarter valued at $75,000. 47.08% of the stock is owned by institutional investors.

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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