Iamgold (NYSE:IAG) Sets New 12-Month High – Still a Buy?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) reached a new 52-week high during trading on Wednesday . The stock traded as high as $19.99 and last traded at $19.8350, with a volume of 16018333 shares. The stock had previously closed at $17.17.

Analyst Upgrades and Downgrades

IAG has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Raymond James Financial raised their target price on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Stifel Nicolaus raised Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Iamgold Price Performance

The company has a market capitalization of $11.82 billion, a P/E ratio of 33.33, a PEG ratio of 0.28 and a beta of 1.38. The stock’s fifty day simple moving average is $16.14 and its 200-day simple moving average is $12.25. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. The firm had revenue of $714.61 million during the quarter, compared to the consensus estimate of $759.45 million. Iamgold had a return on equity of 10.39% and a net margin of 15.39%. On average, equities analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rathbones Group PLC boosted its holdings in Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after purchasing an additional 418,861,592 shares during the period. Van ECK Associates Corp lifted its stake in shares of Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after buying an additional 13,691,148 shares during the period. Vanguard Group Inc. grew its position in Iamgold by 3.5% during the third quarter. Vanguard Group Inc. now owns 22,767,691 shares of the mining company’s stock worth $294,151,000 after buying an additional 778,680 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Iamgold by 12.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock valued at $154,046,000 after acquiring an additional 2,302,527 shares during the period. Finally, Bank of America Corp DE increased its stake in Iamgold by 16.4% during the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock valued at $144,745,000 after acquiring an additional 1,581,064 shares during the period. Institutional investors own 47.08% of the company’s stock.

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.