Iamgold (NYSE:IAG) Stock Breaks Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• IAMGOLD shares rose above their 200-day moving average, reaching $18.69 and last trading near $18.45, compared with the $17.68 average.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $21.83; targets range from $21 to $24.
• The company reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Institutional investors own approximately 47.08% of the stock.

Iamgold Corporation (NYSE:IAG - Get Free Report) TSE: IMG's stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $17.68 and traded as high as $18.69. Iamgold shares last traded at $18.4450, with a volume of 2,479,102 shares.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Bank of America decreased their target price on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Scotiabank upped their price target on Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 12th. Jefferies Financial Group began coverage on Iamgold in a research note on Thursday, August 20th. They set a "buy" rating and a $24.00 price objective on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Iamgold in a report on Friday, September 4th. Finally, Wall Street Zen lowered shares of Iamgold from a "buy" rating to a "hold" rating in a research note on Saturday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $21.83.

Iamgold Stock Performance

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 stock's fifty day moving average is $18.95 and its two-hundred day moving average is $17.68. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.99 and a beta of 1.41.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The firm had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. On average, analysts expect that Iamgold Corporation will post 1.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several hedge funds and other institutional investors have recently made changes to their positions in IAG. Wellington Altus USA Inc. grew its holdings in Iamgold by 80.0% in the 2nd quarter. Wellington Altus USA Inc. now owns 24,192 shares of the mining company's stock worth $383,000 after buying an additional 10,754 shares in the last quarter. Tidal Investments LLC raised its stake in Iamgold by 50.8% during the 2nd quarter. Tidal Investments LLC now owns 65,794 shares of the mining company's stock valued at $1,042,000 after acquiring an additional 22,161 shares in the last quarter. RFG Advisory LLC bought a new stake in Iamgold during the 2nd quarter valued at $1,146,000. IFP Advisors Inc boosted its position in Iamgold by 33.2% during the 2nd quarter. IFP Advisors Inc now owns 3,262 shares of the mining company's stock worth $52,000 after acquiring an additional 813 shares during the period. Finally, Nykredit A S acquired a new position in Iamgold during the 2nd quarter worth $140,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. The company's activities include operating mines, advancing development projects and evaluating mineral properties in established mining regions.

IAMGOLD's portfolio includes the Essakane gold mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood project in Quebec. Côté Gold is operated through a partnership with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project.

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