Iamgold (NYSE:IAG) Hits New 1-Year High on Analyst Upgrade

Iamgold Corporation (NYSE:IAG) (TSE:IMG) hit a new 52-week high during mid-day 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.

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

Hedge Funds Weigh In On Iamgold

Several hedge funds have recently made changes to their positions in IAG. Tsfg LLC acquired a new stake in shares of Iamgold in the 3rd quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in Iamgold during the 2nd quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. acquired a new stake in Iamgold during the 4th quarter worth approximately $30,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold in the 4th quarter valued at approximately $33,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Iamgold in the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The company has a 50 day moving average price of $19.23 and a 200 day moving average price of $14.66. The firm has a market cap of $14.07 billion, a PE ratio of 20.75, a PEG ratio of 0.27 and a beta of 1.36.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. Sell-side analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal 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.