Iamgold (NYSE:IAG) Stock Price Up 13.7% – Still a Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shot up 13.7% during mid-day trading on Friday . The company traded as high as $18.32 and last traded at $18.2190. Approximately 9,521,123 shares traded hands during trading, an increase of 33% from the average daily volume of 7,157,374 shares. The stock had previously closed at $16.03.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IAG. Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Scotiabank reduced their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Bank of America decreased their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Royal Bank Of Canada decreased their price target on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, Wall Street Zen cut Iamgold from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Iamgold Stock Performance

The stock has a market capitalization of $10.52 billion, a P/E ratio of 10.63, a P/E/G ratio of 0.71 and a beta of 1.32. The stock has a 50 day simple moving average of $15.73 and a two-hundred day simple moving average of $18.09. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, equities analysts forecast that Iamgold Corporation will post 1.98 EPS for the current fiscal year.

Institutional Trading of Iamgold

A number of hedge funds have recently modified their holdings of IAG. Mariner LLC raised its position in Iamgold by 0.6% in the fourth quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock valued at $1,814,000 after purchasing an additional 615 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in shares of Iamgold by 1.9% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock valued at $612,000 after purchasing an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after acquiring an additional 1,150 shares during the period. Public Employees Retirement System of Ohio grew its stake in Iamgold by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock worth $2,849,000 after purchasing an additional 1,303 shares during the period. Finally, Northwest & Ethical Investments L.P. increased its stake in shares of Iamgold by 0.4% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock valued at $5,716,000 after acquiring an additional 1,424 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.