Iamgold (NYSE:IAG) Sets New 52-Week High – Still a Buy?
by Jessica Moore · The Cerbat GemIamgold Corporation (NYSE:IAG – Get Free Report) (TSE:IMG) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $22.46 and last traded at $22.38, with a volume of 6895185 shares traded. The stock had previously closed at $21.58.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on IAG. Scotiabank raised their price target on Iamgold to $23.00 and gave the company a “sector perform” rating in a research report on Monday, January 26th. Stifel Nicolaus upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.
Check Out Our Latest Report on Iamgold
Iamgold Trading Up 4.2%
The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68. The firm has a 50-day moving average of $17.66 and a 200-day moving average of $13.51. The firm has a market capitalization of $13.29 billion, a P/E ratio of 37.48, a price-to-earnings-growth ratio of 0.27 and a beta of 1.36.
Institutional Investors Weigh In On Iamgold
Institutional investors have recently added to or reduced their stakes in the company. Rathbones Group PLC lifted its holdings in Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. Van ECK Associates Corp increased its stake in shares of Iamgold by 35.7% during the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after buying an additional 13,691,148 shares during the period. CI Investments Inc. bought a new position in shares of Iamgold during the third quarter valued at approximately $96,747,000. Mackenzie Financial Corp lifted its stake in Iamgold by 183.5% in the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after acquiring an additional 4,928,077 shares during the period. Finally, Bornite Capital Management LP purchased a new stake in Iamgold in the second quarter worth $34,089,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.
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.