IAMGOLD (NYSE:IAG) Shares Up 8.6% - Here's Why

Shares of IAMGOLD Co. (NYSE:IAG - Get Free Report) TSE: IMG rose 8.6% on Monday . The company traded as high as $7.35 and last traded at $7.45. Approximately 2,088,234 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 10,574,214 shares. The stock had previously closed at $6.86.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IAG. Raymond James reaffirmed a "market perform" rating and set a $8.00 price target on shares of IAMGOLD in a research note on Friday, April 4th. National Bank Financial upgraded shares of IAMGOLD to a "strong-buy" rating in a report on Friday, March 21st. BMO Capital Markets initiated coverage on shares of IAMGOLD in a research report on Wednesday, April 16th. They set an "outperform" rating on the stock. 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 report on Monday, May 12th. Finally, Wall Street Zen lowered IAMGOLD from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $7.74.

IAMGOLD Stock Performance

The firm has a 50 day moving average of $6.81 and a 200-day moving average of $6.10. The company has a market cap of $4.28 billion, a P/E ratio of 5.13 and a beta of 1.20. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.10. The business had revenue of $457.23 million for the quarter, compared to the consensus estimate of $578.70 million. IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. As a group, sell-side analysts anticipate that IAMGOLD Co. will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IAG. Blue Trust Inc. grew its position in shares of IAMGOLD by 157.1% in the 4th quarter. Blue Trust Inc. now owns 9,018 shares of the mining company's stock worth $47,000 after buying an additional 5,511 shares during the last quarter. Choreo LLC purchased a new position in IAMGOLD in the fourth quarter worth $88,000. Measured Wealth Private Client Group LLC increased its position in shares of IAMGOLD by 54.1% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 68,216 shares of the mining company's stock worth $352,000 after purchasing an additional 23,962 shares in the last quarter. Tobam acquired a new position in shares of IAMGOLD during the fourth quarter worth $25,000. Finally, Triasima Portfolio Management inc. lifted its holdings in shares of IAMGOLD by 44.5% during the 4th quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company's stock valued at $1,820,000 after purchasing an additional 108,524 shares during the last quarter. Hedge funds and other 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.