Iamgold (NYSE:IAG) Stock Price Up 8.9% – What’s Next?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price was up 8.9% during trading on Monday . The stock traded as high as $20.73 and last traded at $20.8290. Approximately 2,385,456 shares changed hands during trading, a decline of 74% from the average daily volume of 9,349,318 shares. The stock had previously closed at $19.12.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Scotiabank lifted their price objective on shares of Iamgold to $23.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. Stifel Nicolaus raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Finally, Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.25.

Iamgold Trading Up 11.4%

The company’s 50 day simple moving average is $17.41 and its two-hundred day simple moving average is $13.31. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 35.50, a P/E/G ratio of 0.25 and a beta of 1.36.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tsfg LLC purchased a new stake in shares of Iamgold during the third quarter worth about $26,000. Banque Transatlantique SA acquired a new stake in Iamgold in the 2nd quarter worth approximately $26,000. Global Retirement Partners LLC purchased a new stake in Iamgold during the 4th quarter worth approximately $33,000. FNY Investment Advisers LLC acquired a new position in Iamgold during the 4th quarter valued at approximately $38,000. Finally, LOM Asset Management Ltd acquired a new position in Iamgold during the 4th quarter valued at approximately $49,000. 47.08% of the stock is 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.