Iamgold (NYSE:IAG) Sets New 52-Week High – Here’s Why

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price hit a new 52-week high on Friday . The company traded as high as $23.06 and last traded at $22.6020, with a volume of 879940 shares. The stock had previously closed at $22.37.

Analyst Ratings Changes

Several brokerages recently commented on IAG. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. TD Securities restated a “buy” rating on shares of Iamgold in a report on Thursday. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Finally, Scotiabank increased their target price on Iamgold to $23.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.25.

Iamgold Trading Down 2.3%

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95. The company’s 50 day moving average is $18.54 and its two-hundred day moving average is $14.13. The firm has a market cap of $12.92 billion, a P/E ratio of 19.04, a PEG ratio of 0.26 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Iamgold had a return on equity of 20.30% and a net margin of 23.29%. On average, sell-side analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IAG. Voloridge Investment Management LLC boosted its stake in Iamgold by 261.8% during the fourth quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company’s stock worth $57,756,000 after buying an additional 2,534,395 shares in the last quarter. SummitTX Capital L.P. bought a new position in shares of Iamgold during the 4th quarter worth about $195,000. Oxford Asset Management LLP bought a new position in shares of Iamgold during the 4th quarter worth about $855,000. Orion Resource Partners LP boosted its position in shares of Iamgold by 5.4% during the 4th quarter. Orion Resource Partners LP now owns 124,438 shares of the mining company’s stock valued at $2,054,000 after acquiring an additional 6,375 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Iamgold by 4.4% in the fourth quarter. Millennium Management LLC now owns 3,300,768 shares of the mining company’s stock valued at $54,432,000 after acquiring an additional 137,691 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.