Iamgold (NYSE:IAG) Shares Up 10% – Still a Buy?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) traded up 10% on Wednesday . The company traded as high as $19.84 and last traded at $20.0010. 1,135,930 shares were traded during trading, a decline of 84% from the average session volume of 7,061,480 shares. The stock had previously closed at $18.19.

Analyst Ratings Changes

A number of brokerages recently weighed in on IAG. Royal Bank Of Canada decreased their price target on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Wall Street Zen lowered Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Scotiabank increased their target price on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.20.

Iamgold Trading Up 8.0%

The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The business has a 50 day simple moving average of $15.99 and a two-hundred day simple moving average of $17.98. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 0.97 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The company had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. As a group, equities analysts anticipate that Iamgold Corporation will post 1.91 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IAG. Walleye Capital LLC bought a new stake in Iamgold during the second quarter valued at $12,969,000. PKO Investment Management Joint Stock Co lifted its position in shares of Iamgold by 42.1% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock worth $4,464,000 after buying an additional 80,000 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after buying an additional 1,068,465 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after buying an additional 434,188 shares during the period. Finally, L1 Capital Pty Ltd boosted its holdings in shares of Iamgold by 961.5% in the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock valued at $20,647,000 after buying an additional 1,134,119 shares during the period. 47.08% of the stock is currently owned by 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.