Iamgold (NYSE:IAG) Stock Price Up 10% – Still a Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) was up 10% during trading on Wednesday . The stock traded as high as $19.84 and last traded at $20.0010. 1,135,930 shares changed hands during trading, a decline of 84% from the average session volume of 7,061,480 shares. The stock had previously closed at $18.19.

Wall Street Analysts Forecast Growth

IAG has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on shares of Iamgold in a research report on Thursday. They set a “buy” rating and a $24.00 target price for the company. 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 research report on Thursday, July 9th. Scotiabank upped their price target on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Royal Bank Of Canada cut 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. Finally, Wall Street Zen lowered shares of Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Iamgold Price Performance

The business has a fifty day moving average of $16.18 and a 200-day moving average of $17.99. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market cap of $11.77 billion, a PE ratio of 10.35, a PEG ratio of 1.05 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The business had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. As a group, research analysts predict that Iamgold Corporation will post 1.91 earnings per share for the current year.

Hedge Funds Weigh In On Iamgold

Several hedge funds have recently bought and sold shares of IAG. Van ECK Associates Corp lifted its stake in Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after purchasing an additional 985,939 shares in the last quarter. FIL Ltd grew its position in shares of Iamgold by 124.0% during the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Iamgold by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after purchasing an additional 1,068,465 shares in the last quarter. BlackRock Inc. bought a new position in shares of Iamgold in the second quarter worth $350,145,000. Finally, Donald Smith & CO. Inc. bought a new position in shares of Iamgold in the second quarter worth $206,146,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.