Iamgold (NYSE:IAG) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Iamgold shares crossed above their 200-day moving average of $18.34, reaching $18.79 before last trading at $18.723; the stock was reported up 7.0%.
• Analysts give Iamgold a consensus “Moderate Buy” rating and an average price target of $22.71, with ratings ranging from Strong Buy to Sell.
• The company beat quarterly expectations, reporting EPS of $0.42 versus $0.36 expected and revenue of $843.58 million versus $826.66 million estimated.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's stock price passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $18.34 and traded as high as $18.79. Iamgold shares last traded at $18.7230, with a volume of 9,512,999 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on IAG shares. Canadian Imperial Bank of Commerce set a $25.00 price objective on Iamgold in a research note on Friday, October 16th. Raymond James Financial raised their price objective on Iamgold from $20.00 to $21.00 and gave the company a "market perform" rating in a research note on Friday, September 4th. Royal Bank Of Canada boosted their target price on shares of Iamgold from $20.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 16th. Scotiabank raised their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings cut shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.71.

Iamgold Trading Up 7.0%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a 50 day simple moving average of $18.63 and a 200 day simple moving average of $18.34. The firm has a market cap of $10.61 billion, a P/E ratio of 8.28, a P/E/G ratio of 1.19 and a beta of 1.39.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Thursday, November 5th. The mining company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $843.58 million during the quarter, compared to analyst estimates of $826.66 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. On average, equities research analysts predict that Iamgold Corporation will post 1.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Iamgold

A number of institutional investors and hedge funds have recently modified their holdings of IAG. BlackRock Inc. purchased a new stake in Iamgold during the 2nd quarter valued at about $350,145,000. Donald Smith & CO. Inc. purchased a new stake in shares of Iamgold during the 2nd quarter worth approximately $206,146,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Iamgold during the second quarter worth about $158,877,000. Bank of America Corp DE bought a new stake in shares of Iamgold in the 2nd quarter worth $151,716,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Iamgold in the second quarter worth $53,738,000. 47.08% of the stock is currently owned by institutional investors.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. Headquartered in Toronto, the company operates primarily in Canada and maintains a portfolio of gold assets at various stages of development.

IAMGOLD's principal operating asset is the Côté Gold mine in northern Ontario, which it operates in partnership with Sumitomo Metal Mining. The company also owns the Westwood complex in Quebec, which includes underground mining and development activities.

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