Iamgold (NYSE:IAG) Shares Up 5.9% - Here's Why

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG rose 5.9% on Monday . The stock traded as high as $7.73 and last traded at $7.68. Approximately 2,390,505 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 11,198,898 shares. The stock had previously closed at $7.25.

Analyst Ratings Changes

IAG has been the subject of several research reports. Scotiabank increased their target price on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research note on Monday, May 12th. BMO Capital Markets began coverage on shares of Iamgold in a research note on Wednesday, April 16th. They set an "outperform" rating for the company. National Bank Financial upgraded shares of Iamgold to a "strong-buy" rating in a research note on Friday, March 21st. CIBC raised their price target on shares of Iamgold from $8.40 to $9.20 and gave the stock an "outperformer" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen cut shares of Iamgold from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $8.29.

Iamgold Stock Up 0.7%

The business's 50 day moving average price is $7.09 and its 200-day moving average price is $6.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83. The company has a market cap of $4.24 billion, a P/E ratio of 5.23, a PEG ratio of 0.37 and a beta of 1.15.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The company had revenue of $457.23 million during the quarter, compared to analysts' expectations of $578.70 million. On average, analysts anticipate that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of Iamgold in the first quarter valued at approximately $35,000. Alpha Omega Wealth Management LLC bought a new position in shares of Iamgold in the first quarter valued at approximately $75,000. Atria Wealth Solutions Inc. bought a new position in shares of Iamgold in the fourth quarter valued at approximately $68,000. Avantax Advisory Services Inc. bought a new position in shares of Iamgold in the first quarter valued at approximately $86,000. Finally, Vident Advisory LLC acquired a new stake in shares of Iamgold in the first quarter valued at approximately $92,000. Institutional investors own 47.08% of the company's stock.

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.