IAMGOLD (NYSE:IAG) Trading Up 4.4% – Here’s Why

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) traded up 4.4% during mid-day trading on Monday . The company traded as high as $6.54 and last traded at $6.52. 3,776,463 shares were traded during trading, a decline of 67% from the average session volume of 11,583,882 shares. The stock had previously closed at $6.24.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Raymond James lowered their price target on IAMGOLD from $6.50 to $6.00 and set an “underperform” rating on the stock in a report on Wednesday, January 15th. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Wednesday, January 29th. National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.57.

IAMGOLD Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market cap of $3.73 billion, a PE ratio of 5.09 and a beta of 1.56. The stock has a 50 day moving average of $5.51 and a two-hundred day moving average of $5.18.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, November 7th. The mining company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. IAMGOLD had a net margin of 49.56% and a return on equity of 10.01%. The business had revenue of $438.90 million for the quarter. During the same quarter in the prior year, the firm earned ($0.01) EPS. Equities analysts anticipate that IAMGOLD Co. will post 0.58 EPS for the current year.

Institutional Investors Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. acquired a new position in IAMGOLD in the fourth quarter worth approximately $68,000. CIBC Asset Management Inc raised its holdings in shares of IAMGOLD by 0.4% during the 4th quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock valued at $3,615,000 after purchasing an additional 2,848 shares in the last quarter. Raab & Moskowitz Asset Management LLC acquired a new stake in shares of IAMGOLD in the 4th quarter valued at $56,000. Allspring Global Investments Holdings LLC boosted its holdings in IAMGOLD by 27.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after purchasing an additional 277,000 shares in the last quarter. Finally, Apollon Wealth Management LLC bought a new stake in shares of IAMGOLD during the 4th quarter worth about $104,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.