IAMGOLD (NYSE:IAG) Shares Up 4.6% – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price rose 4.6% during trading on Thursday . The company traded as high as $6.83 and last traded at $6.81. Approximately 3,875,299 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 9,909,693 shares. The stock had previously closed at $6.51.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. CIBC reaffirmed an “outperform” rating on shares of IAMGOLD in a report on Thursday, March 20th. National Bank Financial raised shares of IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. Raymond James reissued a “market perform” rating and set a $8.00 target price on shares of IAMGOLD in a research note on Friday, April 4th. Finally, StockNews.com cut shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, IAMGOLD presently has a consensus rating of “Moderate Buy” and an average price target of $7.23.

IAMGOLD Price Performance

The business’s 50-day simple moving average is $6.06 and its 200 day simple moving average is $5.66. The company has a market capitalization of $4.12 billion, a P/E ratio of 4.97 and a beta of 1.52. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.05). The firm had revenue of $469.90 million for the quarter, compared to analyst estimates of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. As a group, sell-side analysts anticipate that IAMGOLD Co. will post 0.67 EPS for the current year.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. boosted its stake in IAMGOLD by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company’s stock worth $187,000 after purchasing an additional 1,836 shares during the period. CIBC Asset Management Inc grew its stake in shares of IAMGOLD by 0.4% in the 4th quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock valued at $3,615,000 after buying an additional 2,848 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in IAMGOLD by 12.7% in the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock worth $181,000 after buying an additional 3,961 shares during the last quarter. Northwest & Ethical Investments L.P. lifted its stake in IAMGOLD by 4.6% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 91,623 shares of the mining company’s stock valued at $473,000 after acquiring an additional 4,013 shares during the last quarter. Finally, Freedom Investment Management Inc. grew its position in IAMGOLD by 4.2% in the fourth quarter. Freedom Investment Management Inc. now owns 108,747 shares of the mining company’s stock worth $561,000 after acquiring an additional 4,399 shares in the last quarter. Institutional investors and hedge funds 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.