Iamgold (NYSE:IAG) Reaches New 1-Year High – Time to Buy?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) reached a new 52-week high during trading on Friday . The company traded as high as $23.06 and last traded at $22.6020, with a volume of 879940 shares. The stock had previously closed at $22.37.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a research note on Thursday. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Scotiabank raised their price target on shares of Iamgold to $23.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. Finally, Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.25.

Iamgold Trading Down 0.6%

The firm has a fifty day moving average of $18.66 and a 200 day moving average of $14.28. The firm has a market capitalization of $13.15 billion, a PE ratio of 19.34, a P/E/G ratio of 0.27 and a beta of 1.36. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 1.75.

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

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rathbones Group PLC lifted its position in shares of Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after purchasing an additional 418,861,592 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Iamgold by 35.7% during the 3rd 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 in the last quarter. FIL Ltd lifted its stake in Iamgold by 124.0% during the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after purchasing an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. lifted its stake in Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after purchasing an additional 1,068,465 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Iamgold by 12.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock valued at $154,046,000 after purchasing an additional 2,302,527 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.