Iamgold (NYSE:IAG) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Price breakout: Iamgold's stock crossed above its 200-day moving average of $16.99, trading as high as $20.28 and last at about $20.20 on volume of ~4.58 million shares.
• Analyst view: The consensus rating is a Moderate Buy with a $17.75 price target; notable analyst moves include Scotiabank raising its target to $25 and Wall Street Zen upgrading to a "Strong-Buy" (1 Strong Buy, 6 Buy, 3 Hold overall).
• Financials and ownership: Iamgold reported Q EPS of $0.70 vs. $0.55 expected and $1.08B revenue, with a market cap of $11.87B, P/E 17.6 and low debt-to-equity (0.15); institutional holders own ~47.1% while insiders hold ~0.17% after a director sold shares recently.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.99 and traded as high as $20.28. Iamgold shares last traded at $20.2020, with a volume of 4,580,962 shares changing hands.

Analyst Upgrades and Downgrades

IAG has been the topic of a number of analyst reports. Scotiabank raised their price objective on shares of Iamgold to $25.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. TD Securities restated a "buy" rating on shares of Iamgold in a research note on Thursday, February 19th. Finally, Wall Street Zen raised Iamgold from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.75.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The company's 50 day simple moving average is $20.33 and its 200 day simple moving average is $16.99. The company has a market capitalization of $11.87 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.36 and a beta of 1.46.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. As a group, sell-side analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Insiders Place Their Bets

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at $657,400. This represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Institutional Trading of Iamgold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rathbones Group PLC boosted its position in shares of Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock valued at $6,907,694,000 after purchasing an additional 418,861,592 shares during the period. Van ECK Associates Corp increased its position in Iamgold by 35.7% during the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company's stock worth $672,253,000 after buying an additional 13,691,148 shares during the period. FIL Ltd lifted its stake in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock valued at $600,135,000 after buying an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. lifted its stake in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock valued at $393,328,000 after buying an additional 1,068,465 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock valued at $144,745,000 after acquiring an additional 1,581,064 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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