Iamgold (NYSE:IAG) Reaches New 1-Year High – Here’s What Happened

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $23.06 and last traded at $22.6020, with a volume of 879940 shares. The stock had previously closed at $22.37.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. TD Securities restated a “buy” rating on shares of Iamgold in a research report on Thursday. Scotiabank lifted their target price on Iamgold to $23.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95. The stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 0.26 and a beta of 1.36. The stock’s 50 day simple moving average is $18.54 and its 200-day simple moving average is $14.13.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 20.30%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. On average, analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Trading of Iamgold

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tsfg LLC acquired a new position in shares of Iamgold during the 3rd quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in Iamgold in the 2nd quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. bought a new stake in Iamgold during the fourth quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new position in Iamgold during the fourth quarter valued at approximately $33,000. Finally, FNY Investment Advisers LLC acquired a new position in Iamgold during the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.