Iamgold (NYSE:IAG) Reaches New 1-Year High After Analyst Upgrade

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares hit a new 52-week high during trading on Thursday after Scotiabank raised their price target on the stock to $25.00. Scotiabank currently has a sector perform rating on the stock. Iamgold traded as high as $23.36 and last traded at $22.9510, with a volume of 5831583 shares traded. The stock had previously closed at $22.94.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. TD Securities reissued a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.75.

Institutional Trading of Iamgold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in shares of Iamgold by 14.0% in the first quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after acquiring an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Iamgold by 6.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after acquiring an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Iamgold by 67.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after acquiring an additional 404,645 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in Iamgold by 15.2% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 245,547 shares of the mining company’s stock worth $1,805,000 after acquiring an additional 32,413 shares during the period. Finally, Savant Capital LLC purchased a new position in Iamgold during the 2nd quarter valued at about $100,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Stock Up 0.0%

The business has a fifty day moving average price of $19.08 and a two-hundred day moving average price of $14.60. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The company has a market cap of $13.53 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 0.27 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. On average, equities analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

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.