IAMGOLD (TSE:IMG) Trading Up 8% – Time to Buy?

IAMGOLD Co. (TSE:IMG) (NYSE:IAG)’s stock price shot up 8% on Wednesday . The company traded as high as C$9.30 and last traded at C$8.92. 1,789,994 shares traded hands during trading, a decline of 6% from the average session volume of 1,907,219 shares. The stock had previously closed at C$8.26.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. National Bank Financial upgraded shares of IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. National Bankshares boosted their price objective on IAMGOLD from C$13.50 to C$15.00 and gave the company an “outperform” rating in a research report on Wednesday, April 2nd. Finally, Raymond James upgraded IAMGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of C$9.05.

IAMGOLD Stock Up 11.4 %

The firm has a market cap of C$3.74 billion, a price-to-earnings ratio of 4.77, a P/E/G ratio of -0.28 and a beta of 1.47. The company has a debt-to-equity ratio of 28.93, a current ratio of 0.89 and a quick ratio of 1.19. The firm’s fifty day moving average is C$8.63 and its two-hundred day moving average is C$7.96.

Insider Activity

In other IAMGOLD news, Director Christiane Bergevin purchased 5,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of C$8.29 per share, for a total transaction of C$41,450.00. Also, Senior Officer Bruno Lemelin sold 15,000 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of C$8.52, for a total value of C$127,786.50. Insiders purchased 45,800 shares of company stock worth $370,999 over the last three months. Corporate insiders own 0.10% of the company’s stock.

About IAMGOLD

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.