Iamgold (NYSE:IAG) Hits New 12-Month High After Analyst Upgrade

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s stock price hit a new 52-week high during trading on Thursday after Scotiabank raised their price target on the stock to $25.00. Scotiabank currently has a sector perform rating on the stock. Iamgold traded as high as $23.36 and last traded at $22.9510, with a volume of 5831583 shares. The stock had previously closed at $22.94.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.75.

Insiders Place Their Bets

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $657,400. This represents a 60.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Rathbones Group PLC grew its stake in shares of Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after acquiring an additional 418,861,592 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Iamgold by 35.7% during the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after purchasing an additional 13,691,148 shares during the last quarter. FIL Ltd boosted its holdings in Iamgold by 124.0% during the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock worth $600,135,000 after purchasing an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. grew its position in Iamgold by 4.7% in 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. Finally, Arrowstreet Capital Limited Partnership increased its stake in Iamgold by 12.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock valued at $154,046,000 after buying an additional 2,302,527 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Iamgold Stock Up 3.3%

The firm’s 50-day simple moving average is $19.39 and its 200 day simple moving average is $14.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. The stock has a market capitalization of $14.51 billion, a P/E ratio of 21.40, a PEG ratio of 0.28 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. As a group, research analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

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.