IAMGOLD (NYSE:IAG) Hits New 12-Month High on Analyst Upgrade

IAMGOLD Co. (NYSE:IAGGet Free Report) (TSE:IMG) hit a new 52-week high during mid-day trading on Tuesday after CIBC raised their price target on the stock from $4.90 to $5.40. CIBC currently has a neutral rating on the stock. IAMGOLD traded as high as $4.80 and last traded at $4.79, with a volume of 1010819 shares traded. The stock had previously closed at $4.72.

A number of other brokerages have also recently issued reports on IAG. BMO Capital Markets restated an “outperform” rating and issued a $5.00 target price on shares of IAMGOLD in a report on Thursday, June 6th. Scotiabank upped their price target on IAMGOLD from $4.50 to $4.75 and gave the company a “sector perform” rating in a research report on Monday. Finally, StockNews.com lowered IAMGOLD from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, IAMGOLD currently has a consensus rating of “Hold” and a consensus target price of $4.13.

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Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. bought a new stake in shares of IAMGOLD during the 4th quarter worth about $26,000. Dynamic Technology Lab Private Ltd bought a new stake in IAMGOLD during the 4th quarter valued at approximately $29,000. Vanguard Personalized Indexing Management LLC bought a new stake in IAMGOLD during the 4th quarter valued at approximately $33,000. Koshinski Asset Management Inc. bought a new stake in IAMGOLD during the 4th quarter valued at approximately $34,000. Finally, TIAA Trust National Association bought a new stake in IAMGOLD during the 2nd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

IAMGOLD Stock Performance

The firm has a 50 day moving average of $3.89 and a two-hundred day moving average of $3.51. The stock has a market cap of $2.77 billion, a P/E ratio of 17.11 and a beta of 1.56. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.55 and a current ratio of 0.91.

IAMGOLD (NYSE:IAGGet Free Report) (TSE:IMG) last announced its earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08. The firm had revenue of $385.30 million during the quarter. IAMGOLD had a return on equity of 3.17% and a net margin of 12.48%. During the same quarter in the previous year, the company earned ($0.01) EPS. On average, research analysts predict that IAMGOLD Co. will post 0.33 EPS for the current fiscal year.

IAMGOLD Company Profile

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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.

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