Iamgold (NYSE:IAG) Hits New 1-Year High – Should You Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) hit a new 52-week high on Wednesday . The company traded as high as $14.68 and last traded at $14.5550, with a volume of 8155077 shares trading hands. The stock had previously closed at $13.67.

Analysts Set New Price Targets

IAG has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday. Scotiabank increased their price objective on shares of Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Finally, CIBC boosted 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. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Iamgold currently has an average rating of “Buy” and an average price target of $15.25.

Iamgold Stock Up 5.5%

The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 0.39 and a beta of 1.22. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $12.08 and a 200-day moving average price of $9.03.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data 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 firm had revenue of $714.61 million for the quarter, compared to the consensus estimate of $759.45 million. As a group, equities analysts anticipate that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Institutional Trading of Iamgold

Several large investors have recently added to or reduced their stakes in IAG. U S Global Investors Inc. boosted its holdings in Iamgold by 150.0% during the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company’s stock valued at $3,675,000 after acquiring an additional 300,000 shares during the period. Mudita Advisors LLP boosted its stake in Iamgold by 41.1% during the 1st quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company’s stock valued at $13,002,000 after purchasing an additional 606,795 shares during the period. Cerity Partners LLC grew its holdings in Iamgold by 28.0% in the 1st quarter. Cerity Partners LLC now owns 75,250 shares of the mining company’s stock valued at $470,000 after buying an additional 16,475 shares during the last quarter. Harvest Portfolios Group Inc. lifted its holdings in shares of Iamgold by 42.6% during the second quarter. Harvest Portfolios Group Inc. now owns 130,294 shares of the mining company’s stock worth $960,000 after buying an additional 38,945 shares during the last quarter. Finally, Bornite Capital Management LP bought a new stake in shares of Iamgold in the second quarter valued at approximately $34,089,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About Iamgold

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.