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

Iamgold Corporation (NYSE:IAG) (TSE:IMG) hit a new 52-week high on Monday . The company traded as high as $18.05 and last traded at $17.9820, with a volume of 733420 shares traded. The stock had previously closed at $17.21.

Analysts Set New Price Targets

Several brokerages have commented on IAG. Raymond James Financial increased their target price on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Wednesday, October 8th. CIBC lifted their price objective on Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Scotiabank upped their target price on shares of Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a research note on Thursday, October 23rd. Finally, Zacks Research raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, December 22nd. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $15.25.

Iamgold Stock Performance

The business has a 50-day moving average of $15.15 and a 200 day moving average of $11.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 0.95. The company has a market cap of $10.67 billion, a PE ratio of 29.83, a PEG ratio of 0.26 and a beta of 1.38.

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

Institutional Trading of Iamgold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its stake in shares of Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock worth $26,000 after acquiring an additional 2,623 shares during the last quarter. Tsfg LLC purchased a new stake in shares of Iamgold in the 3rd quarter worth $26,000. Banque Transatlantique SA bought a new position in Iamgold in the 2nd quarter worth $26,000. Aventura Private Wealth LLC bought a new position in Iamgold in the 4th quarter worth $58,000. Finally, Tableaux LLC purchased a new position in Iamgold during the second quarter valued at $61,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.