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

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 shares reached a new 52-week high during trading 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.

Wall Street Analysts Forecast Growth

Several research firms have commented on IAG. CIBC restated an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a report on Monday, June 30th. Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Royal Bank Of Canada raised Iamgold from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $9.00 to $14.00 in a research report on Wednesday. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.13.

Iamgold Price Performance

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 firm has a market cap of $6.43 billion, a P/E ratio of 8.04, a PEG ratio of 0.36 and a beta of 1.21. The firm has a 50-day simple moving average of $8.13 and a 200-day simple moving average of $7.23.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (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 company had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. As a group, analysts forecast that Iamgold Corporation will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IAG. Parallel Advisors LLC lifted its holdings in Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after acquiring an additional 2,623 shares during the last quarter. Banque Transatlantique SA acquired a new position in Iamgold during the second quarter worth $26,000. Summit Securities Group LLC acquired a new position in Iamgold during the first quarter worth $35,000. Tableaux LLC acquired a new position in Iamgold during the second quarter worth $61,000. Finally, Alpha Omega Wealth Management LLC acquired a new position in Iamgold during the first quarter worth $75,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.