Iamgold (NYSE:IAG) Hits New 12-Month High – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG) reached a new 52-week high on Monday . The company traded as high as $15.82 and last traded at $15.4890, with a volume of 80698 shares trading hands. The stock had previously closed at $15.54.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Scotiabank upped their price objective on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. CIBC boosted their price objective on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial increased their target price on shares of Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada raised shares of Iamgold from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $9.00 to $14.00 in a research note on Wednesday, September 10th. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $15.25.

Iamgold Price Performance

The stock has a market cap of $8.88 billion, a PE ratio of 11.13, a PEG ratio of 0.39 and a beta of 1.22. The business’s 50-day simple moving average is $12.98 and its 200-day simple moving average is $9.69. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.09. Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The company had revenue of $714.61 million for the quarter, compared to analysts’ expectations of $759.45 million. On average, research analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Tsfg LLC bought a new position in Iamgold in the third quarter worth about $26,000. Banque Transatlantique SA purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $26,000. Parallel Advisors LLC raised its position in shares of Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock worth $26,000 after acquiring an additional 2,623 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Iamgold in the 1st quarter valued at approximately $35,000. Finally, Tableaux LLC purchased a new position in shares of Iamgold in the 2nd quarter valued at approximately $61,000. 47.08% of the stock is currently owned by institutional investors.

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.