Iamgold (NYSE:IAG) Sets New 52-Week High - Here's Why

Key Points

• Iamgold Corporation reached a new 52-week high, trading at $10.21, with analysts maintaining a mixed outlook, including ratings ranging from "Strong Buy" to "Hold."
• The company's recent quarterly earnings revealed a missed consensus estimate with EPS of $0.13 compared to the expected $0.14, alongside a revenue of $587.21 million against a forecast of $663.21 million.
• Institutional investors have increased their stakes in Iamgold, with notable raises from Vanguard Group and Arrowstreet Capital, reflecting growing investor confidence.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's share price hit a new 52-week high on Tuesday . The stock traded as high as $10.21 and last traded at $10.11, with a volume of 14513842 shares. The stock had previously closed at $9.91.

Analysts Set New Price Targets

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

Iamgold Stock Up 2.0%

The company has a market cap of $5.81 billion, a P/E ratio of 7.27, a PEG ratio of 0.32 and a beta of 1.20. The stock's 50-day moving average price is $7.86 and its 200-day moving average price is $7.08. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released 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). The company 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, research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Iamgold by 1.7% during 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 in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings 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 acquiring an additional 2,302,527 shares during the last quarter. American Century Companies Inc. raised its holdings 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 acquiring an additional 1,929,787 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Iamgold by 88.4% in the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock worth $53,307,000 after acquiring an additional 4,846,254 shares during the last quarter. Finally, Invesco Ltd. raised its holdings 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 acquiring an additional 1,396,354 shares during the last quarter. 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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