Iamgold (NYSE:IAG) Trading 13.7% Higher - What's Next?

Key Points

• Iamgold shares jumped 13.7% to approximately $18.22 in heavy trading, with volume 33% above the average session level.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $19.00 price target, although several firms recently lowered their targets.
• The company met quarterly EPS expectations at $0.42 but reported revenue of $845.97 million, below the $882.92 million analyst consensus; institutional investors own 47.08% of the stock.

Shares of Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG rose 13.7% during mid-day trading on Friday . The stock traded as high as $18.32 and last traded at $18.2190. Approximately 9,521,123 shares traded hands during trading, an increase of 33% from the average session volume of 7,157,374 shares. The stock had previously closed at $16.03.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Wall Street Zen cut Iamgold from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Scotiabank dropped their price target on shares of Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Finally, Bank of America reduced their price target on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Iamgold Trading Up 14.2%

The company's 50 day moving average price is $15.73 and its 200 day moving average price is $18.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 0.71 and a beta of 1.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The company had revenue of $845.97 million during the quarter, compared to analysts' expectations of $882.92 million. Research analysts anticipate that Iamgold Corporation will post 1.98 EPS for the current year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors have recently made changes to their positions in IAG. Banque Transatlantique SA bought a new position in Iamgold during the second quarter worth $26,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Iamgold in the fourth quarter valued at $30,000. Global Retirement Partners LLC bought a new stake in Iamgold in the fourth quarter valued at about $33,000. Western Wealth Management LLC bought a new stake in shares of Iamgold in the 1st quarter valued at approximately $43,000. Finally, LOM Asset Management Ltd bought a new stake in shares of Iamgold in the 4th quarter valued at approximately $49,000. 47.08% of the stock is currently owned by institutional investors.

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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