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

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price reached a new 52-week high on Wednesday . The company traded as high as $19.99 and last traded at $19.8350, with a volume of 16018333 shares traded. The stock had previously closed at $17.17.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IAG. CIBC raised their price target on Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Stifel Canada raised Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Scotiabank increased their price objective on Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Finally, Raymond James Financial boosted their target price on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Three equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Iamgold presently has a consensus rating of “Buy” and a consensus target price of $15.25.

Iamgold Price Performance

The company has a market cap of $11.73 billion, a P/E ratio of 33.06, a P/E/G ratio of 0.23 and a beta of 1.38. The stock has a 50-day simple moving average of $15.92 and a 200 day simple moving average of $12.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. The business had revenue of $714.61 million for the quarter, compared to analysts’ expectations of $759.45 million. Iamgold had a return on equity of 10.39% and a net margin of 15.39%. On average, equities analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its position in shares of Iamgold by 272.9% during 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 in the last quarter. Tsfg LLC bought a new position in Iamgold during the third quarter worth about $26,000. Banque Transatlantique SA acquired a new stake in Iamgold during the second quarter valued at approximately $26,000. FNY Investment Advisers LLC acquired a new stake in Iamgold during the fourth quarter valued at approximately $38,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Iamgold in the 4th quarter valued at approximately $57,000. 47.08% of the stock is owned by institutional investors.

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.