IAMGOLD (NYSE:IAG) Shares Up 4.4% – Here’s Why

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares shot up 4.4% on Tuesday . The company traded as high as $5.67 and last traded at $5.67. 448,143 shares were traded during mid-day trading, a decline of 95% from the average session volume of 8,917,753 shares. The stock had previously closed at $5.43.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research note on Tuesday, October 22nd. CIBC raised shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday. Scotiabank lifted their price objective on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Finally, National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Up 5.2 %

The company has a market cap of $3.26 billion, a price-to-earnings ratio of 4.24 and a beta of 1.56. The business has a 50-day simple moving average of $5.34 and a two-hundred day simple moving average of $4.68. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

Institutional Investors Weigh In On IAMGOLD

A number of large investors have recently added to or reduced their stakes in the stock. ORG Partners LLC bought a new position in IAMGOLD in the 3rd quarter worth $29,000. Eastern Bank bought a new position in IAMGOLD in the 3rd quarter worth approximately $30,000. TIAA Trust National Association acquired a new position in shares of IAMGOLD during the second quarter worth approximately $38,000. Cetera Advisors LLC bought a new stake in shares of IAMGOLD in the first quarter valued at approximately $50,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of IAMGOLD in the second quarter worth $52,000. Institutional investors own 47.08% 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.