Iamgold (NYSE:IAG) Reaches New 12-Month High – Here’s What Happened

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $22.03 and last traded at $21.02, with a volume of 9076403 shares. The stock had previously closed at $20.95.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IAG. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday. Raymond James Financial boosted their price objective on shares of Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. CIBC upped their price objective on Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Stock Up 0.3%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68. The company’s 50-day moving average price is $16.44 and its 200 day moving average price is $12.52. The stock has a market capitalization of $12.43 billion, a P/E ratio of 35.03, a P/E/G ratio of 0.30 and a beta of 1.38.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a return on equity of 10.39% and a net margin of 15.39%.The business had revenue of $714.61 million during the quarter, compared to analyst estimates of $759.45 million. As a group, equities analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tsfg LLC purchased a new stake in Iamgold during the 3rd quarter valued at approximately $26,000. FNY Investment Advisers LLC bought a new position in shares of Iamgold during the fourth quarter worth $38,000. LOM Asset Management Ltd purchased a new position in Iamgold during the fourth quarter valued at $49,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Iamgold in the 4th quarter valued at $57,000. Finally, Aventura Private Wealth LLC purchased a new stake in Iamgold in the 4th quarter worth $58,000. 47.08% of the stock is currently owned by institutional investors.

About Iamgold

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.