Iamgold (NYSE:IAG) Trading 10% Higher – Still a Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) traded up 10% during mid-day trading on Wednesday . The company traded as high as $19.84 and last traded at $20.0010. 1,135,930 shares were traded during mid-day trading, a decline of 84% from the average session volume of 7,061,480 shares. The stock had previously closed at $18.19.

Analyst Ratings Changes

Several equities analysts have recently commented on IAG shares. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Bank of America cut their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Royal Bank Of Canada reduced their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Wall Street Zen downgraded Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Scotiabank increased their target price on Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.20.

Iamgold Trading Up 8.0%

The firm’s 50-day simple moving average is $15.99 and its 200 day simple moving average is $17.98. The stock has a market cap of $11.28 billion, a P/E ratio of 9.96, a PEG ratio of 0.97 and a beta of 1.32. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, equities research analysts anticipate that Iamgold Corporation will post 1.91 earnings per share for the current year.

Institutional Trading of Iamgold

Several hedge funds have recently added to or reduced their stakes in IAG. Walleye Capital LLC bought a new position in shares of Iamgold in the second quarter worth $12,969,000. PKO Investment Management Joint Stock Co raised its stake in shares of Iamgold by 42.1% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock valued at $4,464,000 after purchasing an additional 80,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after purchasing an additional 1,068,465 shares in the last quarter. Bank of America Corp DE lifted its holdings in Iamgold by 4.7% in the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after purchasing an additional 434,188 shares during the period. Finally, L1 Capital Pty Ltd lifted its holdings in Iamgold by 961.5% in the fourth quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock worth $20,647,000 after purchasing an additional 1,134,119 shares during the period. Institutional investors 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.