Iamgold (NYSE:IAG) Sets New 52-Week High – Should You Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG)’s share price hit a new 52-week high on Tuesday . The company traded as high as $22.03 and last traded at $21.02, with a volume of 9076403 shares changing hands. The stock had previously closed at $20.95.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IAG shares. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday. Stifel Nicolaus upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Raymond James Financial boosted their price target on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Finally, CIBC upped their price target on shares of Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Two investment analysts have 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, Iamgold has an average rating of “Moderate Buy” and an average price target of $17.25.

Iamgold Trading Up 0.3%

The stock has a market cap of $12.43 billion, a PE ratio of 35.03, a PEG ratio of 0.30 and a beta of 1.38. 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 stock has a fifty day moving average price of $16.44 and a 200 day moving average price of $12.52.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. The company had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. Iamgold had a return on equity of 10.39% and a net margin of 15.39%. Equities analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Iamgold

Large investors have recently made changes to their positions in the company. Tsfg LLC bought a new position in Iamgold during the 3rd quarter valued at about $26,000. Banque Transatlantique SA purchased a new position in shares of Iamgold during the second quarter valued at approximately $26,000. FNY Investment Advisers LLC purchased a new position in shares of Iamgold during the fourth quarter valued at approximately $38,000. LOM Asset Management Ltd bought a new position in shares of Iamgold during the fourth quarter valued at approximately $49,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Iamgold in the fourth quarter worth approximately $57,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.