Iamgold (NYSE:IAG) Share Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $17.68 and traded as high as $18.69. Iamgold shares last traded at $18.4450, with a volume of 2,479,102 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IAG. Freedom Broker began coverage on shares of Iamgold in a report on Wednesday. They issued a “buy” rating and a $23.00 target price on the stock. Scotiabank lifted their price target on Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Bank of America lowered their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Royal Bank Of Canada upped their price objective on Iamgold from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Iamgold in a research report on Friday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

Iamgold Stock Performance

The stock has a market capitalization of $10.27 billion, a price-to-earnings ratio of 9.11, a P/E/G ratio of 0.98 and a beta of 1.41. The company’s fifty day simple moving average is $19.03 and its 200 day simple moving average is $17.69. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10.

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

Institutional Investors Weigh In On Iamgold

A number of institutional investors have recently made changes to their positions in the company. PenderFund Capital Management Ltd. acquired a new stake in Iamgold during the second quarter worth approximately $471,000. Walleye Capital LLC acquired a new position in Iamgold in the 2nd quarter valued at $12,969,000. RFG Advisory LLC bought a new stake in shares of Iamgold during the 2nd quarter valued at $1,146,000. BlackRock Inc. bought a new stake in shares of Iamgold during the 2nd quarter valued at $350,145,000. Finally, Bank of America Corp DE grew its holdings in shares of Iamgold by 4.7% during the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after purchasing an additional 434,188 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. The company’s activities include operating mines, advancing development projects and evaluating mineral properties in established mining regions.

IAMGOLD’s portfolio includes the Essakane gold mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood project in Quebec. Côté Gold is operated through a partnership with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project.