Iamgold (NYSE:IAG) Trading Up 8.9% – Should You Buy?

Iamgold Corporation (NYSE:IAG) (TSE:IMG) shares rose 8.9% on Monday . The company traded as high as $20.73 and last traded at $20.8290. Approximately 2,385,456 shares changed hands during trading, a decline of 74% from the average daily volume of 9,349,318 shares. The stock had previously closed at $19.12.

Analyst Upgrades and Downgrades

IAG has been the subject of a number of research reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Scotiabank lifted their target price on Iamgold to $23.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Stifel Nicolaus upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Stock Up 11.4%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 0.25 and a beta of 1.36. The business’s 50 day moving average price is $17.41 and its 200 day moving average price is $13.31.

Institutional Investors Weigh In On Iamgold

Hedge funds have recently modified their holdings of the company. Rathbones Group PLC grew its holdings in Iamgold by 1,037,042.8% in the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after purchasing an additional 418,861,592 shares during the period. Van ECK Associates Corp grew its stake in Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after acquiring an additional 13,691,148 shares during the period. CI Investments Inc. purchased a new stake in Iamgold in the 3rd quarter worth $96,747,000. Mackenzie Financial Corp raised its position in Iamgold by 183.5% during the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after acquiring an additional 4,928,077 shares during the period. Finally, Bornite Capital Management LP acquired a new position in Iamgold during the second quarter worth $34,089,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Company Profile

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.