Iamgold (NYSE:IAG) Hits New 12-Month High – Time to Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) hit a new 52-week high on Thursday . The company traded as high as $16.40 and last traded at $16.1940, with a volume of 1907266 shares traded. The stock had previously closed at $16.07.

Analysts Set New Price Targets

IAG has been the subject of a number of research analyst reports. Scotiabank raised their price target on shares of Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Raymond James Financial lifted their price target on shares of Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. CIBC boosted their price target on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Iamgold currently has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Iamgold Price Performance

The firm has a market capitalization of $9.34 billion, a P/E ratio of 27.06, a P/E/G ratio of 0.43 and a beta of 1.39. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average is $13.69 and its 200 day moving average is $10.47.

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

Institutional Investors Weigh In On Iamgold

A number of large investors have recently bought and sold shares of IAG. Tudor Investment Corp ET AL lifted its stake in shares of Iamgold by 140.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 24,439 shares of the mining company’s stock valued at $316,000 after purchasing an additional 14,278 shares during the period. Swiss Life Asset Management Ltd grew its holdings in shares of Iamgold by 71.8% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 26,214 shares of the mining company’s stock valued at $339,000 after acquiring an additional 10,959 shares in the last quarter. Polar Asset Management Partners Inc. increased its stake in shares of Iamgold by 8.5% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 230,000 shares of the mining company’s stock worth $2,972,000 after purchasing an additional 18,000 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new position in shares of Iamgold during the 3rd quarter worth approximately $238,000. Finally, XTX Topco Ltd acquired a new position in Iamgold in the 3rd quarter valued at about $1,900,000. 47.08% of the stock is currently owned by institutional investors.

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.