Iamgold (NYSE:IAG) Stock Price Up 4.3% - Here's Why

Key Points

• Iamgold's stock price increased by 4.3% on Friday, closing at $12.33 after reaching a high of $12.45, despite a significant decline in trading volume.
• Analyst ratings for Iamgold vary, with Royal Bank of Canada upgrading it to "outperform" with a target price of $14.00, while Zacks downgraded it to "hold," presenting a mixed outlook from equity analysts.
• The company's recent quarterly earnings showed an EPS of $0.13, falling short of analyst estimates, and a revenue of $587.21 million, lower than forecasts of $663.21 million.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG traded up 4.3% on Friday . The company traded as high as $12.45 and last traded at $12.33. 3,355,127 shares traded hands during trading, a decline of 76% from the average session volume of 14,086,824 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. CIBC reiterated an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target on the stock in a report on Monday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $10.13.

Iamgold Trading Up 4.4%

The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The company has a market capitalization of $7.09 billion, a PE ratio of 8.89, a price-to-earnings-growth ratio of 0.38 and a beta of 1.21. The company's fifty day moving average is $8.92 and its 200-day moving average is $7.58.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results 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). 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 analyst estimates of $663.21 million. On average, analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Trading of Iamgold

A number of hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in Iamgold by 272.9% during the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock worth $26,000 after buying an additional 2,623 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Iamgold by 17.8% during the first quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company's stock valued at $125,000 after purchasing an additional 3,020 shares in the last quarter. Measured Wealth Private Client Group LLC lifted its holdings in Iamgold by 4.0% during the second quarter. Measured Wealth Private Client Group LLC now owns 89,293 shares of the mining company's stock valued at $656,000 after purchasing an additional 3,396 shares in the last quarter. Banque Transatlantique SA purchased a new position in Iamgold during the second quarter valued at $26,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Iamgold by 10.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,901 shares of the mining company's stock valued at $271,000 after purchasing an additional 3,562 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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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