Iamgold (NYSE:IAG) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.99 and traded as high as $20.28. Iamgold shares last traded at $20.2020, with a volume of 4,580,962 shares traded.

Analysts Set New Price Targets

IAG has been the subject of several research reports. Scotiabank upped their target price on Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. TD Securities reiterated a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Iamgold currently has a consensus rating of “Moderate Buy” and an average target price of $17.75.

Iamgold Stock Performance

The business has a 50-day moving average price of $20.35 and a 200-day moving average price of $17.05. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 1.37 and a beta of 1.46.

Iamgold (NYSE:IAG) (TSE:IMG) last posted 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 firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. As a group, sell-side analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Insider Buying and Selling at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at $657,400. The trade was a 60.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Iamgold

Several large investors have recently made changes to their positions in IAG. World Investment Advisors acquired a new stake in Iamgold during the fourth quarter valued at $179,000. Voloridge Investment Management LLC raised its position in shares of Iamgold by 261.8% in the fourth quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company’s stock worth $57,756,000 after acquiring an additional 2,534,395 shares during the period. SummitTX Capital L.P. purchased a new stake in shares of Iamgold during the 4th quarter worth about $195,000. Oxford Asset Management LLP acquired a new stake in shares of Iamgold during the 4th quarter valued at about $855,000. Finally, Orion Resource Partners LP increased its stake in shares of Iamgold by 5.4% in the 4th quarter. Orion Resource Partners LP now owns 124,438 shares of the mining company’s stock valued at $2,054,000 after purchasing an additional 6,375 shares in the last quarter. 47.08% of the stock is currently 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.