Iamgold (NYSE:IAG) Stock Breaks Above 200-Day Moving Average – What’s Next?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $18.34 and traded as high as $18.79. Iamgold shares last traded at $18.7230, with a volume of 9,512,999 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Freedom Broker cut their target price on shares of Iamgold from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Raymond James Financial upped their price target on shares of Iamgold from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Friday, September 4th. Wall Street Zen lowered shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday, September 19th. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective for the company. Finally, Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.71.

Iamgold Trading Up 7.0%

The stock has a fifty day moving average of $18.63 and a 200-day moving average of $18.34. The company has a market cap of $10.61 billion, a PE ratio of 8.28, a PEG ratio of 1.39 and a beta of 1.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, November 5th. The mining company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Iamgold had a return on equity of 29.18% and a net margin of 34.29%. The business had revenue of $843.58 million for the quarter, compared to analyst estimates of $826.66 million. Sell-side analysts anticipate that Iamgold Corporation will post 1.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Iamgold during the 2nd quarter valued at $350,145,000. Donald Smith & CO. Inc. bought a new position in shares of Iamgold during the 2nd quarter worth $206,146,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Iamgold during the 2nd quarter worth $158,877,000. Bank of America Corp DE purchased a new position in shares of Iamgold during the second quarter valued at $151,716,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Iamgold during the second quarter valued at $53,738,000. 47.08% of the stock is currently owned by institutional investors.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian gold mining company that explores for, develops and operates mineral properties. Its business is focused primarily on producing gold, with operations in Canada and Burkina Faso.

The company’s assets include the Côté Gold mine in Ontario, the Westwood mine in Quebec and the Essakane mine in Burkina Faso. IAMGOLD also conducts exploration and development work to support its operating mines and assess potential mineral resources.

Founded in 1990, IAMGOLD has built a portfolio spanning North America and West Africa.