Iamgold (NYSE:IAG) Sets New 1-Year High – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $22.46 and last traded at $22.38, with a volume of 6895185 shares changing hands. The stock had previously closed at $21.58.

Analyst Ratings Changes

Several research firms have recently weighed in on IAG. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Scotiabank increased their target price on Iamgold to $23.00 and gave the stock a “sector perform” rating in a research report on Monday, January 26th. Finally, Canadian Imperial Bank of Commerce reaffirmed 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, five have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.25.

Iamgold Stock Up 4.2%

The company’s 50 day simple moving average is $17.66 and its 200-day simple moving average is $13.51. 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 firm has a market capitalization of $13.29 billion, a PE ratio of 37.48, a PEG ratio of 0.27 and a beta of 1.36.

Hedge Funds Weigh In On Iamgold

Institutional investors have recently added to or reduced their stakes in the business. Tsfg LLC bought a new stake in shares of Iamgold during the 3rd quarter valued at about $26,000. Global Retirement Partners LLC purchased a new stake in Iamgold in the fourth quarter valued at approximately $33,000. FNY Investment Advisers LLC bought a new stake in Iamgold during the fourth quarter valued at approximately $38,000. LOM Asset Management Ltd purchased a new position in Iamgold in the 4th quarter worth approximately $49,000. Finally, Banque Cantonale Vaudoise increased its holdings in shares of Iamgold by 617.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock worth $49,000 after buying an additional 2,570 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Iamgold Company Profile

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.