Iamgold (NYSE:IAG) Reaches New 1-Year High – Still a Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) hit a new 52-week high during trading on Monday . The stock traded as high as $18.05 and last traded at $17.9820, with a volume of 733420 shares traded. The stock had previously closed at $17.21.

Analysts Set New Price Targets

IAG has been the topic of a number of research reports. Stifel Canada raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. Scotiabank upped their target price on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Zacks Research raised Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 22nd. Finally, Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold 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 $15.25.

Iamgold Trading Up 4.4%

The stock’s fifty day simple moving average is $15.15 and its two-hundred day simple moving average is $11.63. The firm has a market cap of $10.67 billion, a PE ratio of 29.83, a PEG ratio of 0.26 and a beta of 1.38. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.09. The firm had revenue of $714.61 million during the quarter, compared to analyst estimates of $759.45 million. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. On average, sell-side analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Iamgold

A number of institutional investors have recently modified their holdings of IAG. Royal Bank of Canada raised its position in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after purchasing an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Iamgold by 6.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after purchasing an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Iamgold by 67.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after buying an additional 404,645 shares during the last quarter. Integrity Alliance LLC. bought a new position in shares of Iamgold in the first quarter worth approximately $97,000. Finally, Parallel Advisors LLC grew its holdings in shares of Iamgold by 272.9% during the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after buying an additional 2,623 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Iamgold

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.