Iamgold (NYSE:IAG) Sets New 12-Month High – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price reached a new 52-week high on Monday . The stock traded as high as $15.82 and last traded at $15.4890, with a volume of 80698 shares trading hands. The stock had previously closed at $15.54.

Analysts Set New Price Targets

IAG has been the subject of several research analyst reports. Scotiabank boosted their target price on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada upgraded Iamgold from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Raymond James Financial increased their price objective on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report 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, Stifel Canada raised Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The business has a 50 day moving average price of $13.11 and a 200-day moving average price of $9.82. The company has a market capitalization of $8.62 billion, a price-to-earnings ratio of 10.78, a P/E/G ratio of 0.39 and a beta of 1.38.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, November 4th. The mining company reported $0.30 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 business had revenue of $714.61 million during the quarter, compared to analysts’ expectations of $759.45 million. Research analysts predict that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of large investors have recently bought and sold shares of the stock. Mackenzie Financial Corp grew its stake in shares of Iamgold by 183.5% in the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after buying an additional 4,928,077 shares during the period. U S Global Investors Inc. boosted its holdings in Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company’s stock worth $3,675,000 after acquiring an additional 300,000 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Iamgold in the second quarter worth approximately $550,000. Mudita Advisors LLP grew its stake in Iamgold by 41.1% in the first quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company’s stock valued at $13,002,000 after acquiring an additional 606,795 shares during the period. Finally, Waratah Capital Advisors Ltd. bought a new stake in shares of Iamgold during the second quarter valued at approximately $1,868,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Iamgold Company Profile

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.