Iamgold (NYSE:IAG) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $13.22 and traded as high as $19.36. Iamgold shares last traded at $19.14, with a volume of 7,632,213 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research report on Wednesday. Finally, Raymond James Financial lifted their price objective on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Price Performance

The stock has a 50 day moving average of $17.41 and a two-hundred day moving average of $13.22. 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 stock has a market cap of $11.31 billion, a PE ratio of 31.90, a PEG ratio of 0.23 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. The company had revenue of $714.61 million during the quarter, compared to analyst estimates of $759.45 million. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. Equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

Several institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Rathbones Group PLC grew its stake in shares of Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after buying an additional 418,861,592 shares in the last quarter. Van ECK Associates Corp lifted its stake in Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after acquiring an additional 13,691,148 shares during the last quarter. Vanguard Group Inc. lifted its stake in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after acquiring an additional 1,068,465 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Iamgold by 12.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock worth $154,046,000 after acquiring an additional 2,302,527 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Iamgold by 16.4% during the 3rd quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock worth $144,745,000 after purchasing an additional 1,581,064 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.