Iamgold (NYSE:IAG) Stock Price Up 13.7% – Should You Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares were up 13.7% during mid-day trading on Friday . The company traded as high as $18.32 and last traded at $18.2190. Approximately 9,521,123 shares were traded during trading, an increase of 33% from the average daily volume of 7,157,374 shares. The stock had previously closed at $16.03.

Analyst Ratings Changes

IAG has been the subject of several research reports. Scotiabank reduced their target price on Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Wall Street Zen lowered shares of Iamgold from a “buy” rating to a “hold” rating in a report on Saturday. Bank of America lowered their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Royal Bank Of Canada reduced their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Iamgold Stock Up 14.2%

The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 0.81 and a beta of 1.32. The business’s 50-day moving average is $15.74 and its 200-day moving average is $18.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The firm had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 29.61%. On average, equities analysts predict that Iamgold Corporation will post 1.98 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its position in Iamgold by 14.0% during the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after acquiring an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after purchasing an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Iamgold by 67.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after purchasing an additional 404,645 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after purchasing an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Iamgold by 16.9% during the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock worth $3,899,000 after purchasing an additional 77,016 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.