Iamgold (NYSE:IAG) Hits New 12-Month High – Should You Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $12.98 and last traded at $12.82, with a volume of 963240 shares changing hands. The stock had previously closed at $12.42.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IAG. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. National Bankshares reaffirmed an “outperform” rating on shares of Iamgold in a report on Tuesday, June 24th. Royal Bank Of Canada upgraded shares of Iamgold from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Raymond James Financial upgraded shares of Iamgold to a “hold” rating and set a $8.00 price target for the company in a research report on Monday, June 30th. Finally, CIBC reiterated an “outperform” rating on shares of Iamgold in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.13.

Iamgold Stock Up 3.8%

The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $7.42 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 0.42 and a beta of 1.20. The business has a 50-day moving average price of $9.03 and a 200-day moving average price of $7.65.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $587.21 million for the quarter, compared to analyst estimates of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. Equities research analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iamgold

Several institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in shares of Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after acquiring an additional 2,623 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Iamgold by 17.8% during the 1st quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company’s stock worth $125,000 after buying an additional 3,020 shares during the last quarter. Measured Wealth Private Client Group LLC boosted its holdings in shares of Iamgold by 4.0% in the 2nd quarter. Measured Wealth Private Client Group LLC now owns 89,293 shares of the mining company’s stock valued at $656,000 after buying an additional 3,396 shares in the last quarter. Banque Transatlantique SA purchased a new position in shares of Iamgold in the 2nd quarter valued at $26,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Iamgold by 10.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,901 shares of the mining company’s stock worth $271,000 after acquiring an additional 3,562 shares in the last quarter. 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.