IAMGOLD (NYSE:IAG) Sets New 1-Year High – What’s Next?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $6.64 and last traded at $6.45, with a volume of 13292249 shares. The stock had previously closed at $6.41.

Analyst Ratings Changes

IAG has been the topic of a number of recent analyst reports. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Cibc World Mkts raised shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Finally, Raymond James raised shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Trading Up 3.4 %

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 5.16 and a beta of 1.56. The company’s 50 day moving average is $5.65 and its 200 day moving average is $5.30.

Institutional Investors Weigh In On IAMGOLD

Hedge funds have recently made changes to their positions in the stock. ORG Partners LLC acquired a new position in IAMGOLD in the 3rd quarter valued at approximately $29,000. Allspring Global Investments Holdings LLC raised its stake in shares of IAMGOLD by 1,973.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,012,000 shares of the mining company’s stock valued at $5,311,000 after purchasing an additional 963,200 shares in the last quarter. U S Global Investors Inc. lifted its position in IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after purchasing an additional 604,114 shares during the period. Eastern Bank acquired a new stake in IAMGOLD during the third quarter worth $30,000. Finally, International Assets Investment Management LLC bought a new stake in IAMGOLD in the 3rd quarter valued at $700,000. Institutional investors own 47.08% of the company’s stock.

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.