IAMGOLD (NYSE:IAG) Trading 4.4% Higher – Time to Buy?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price was up 4.4% during mid-day trading on Monday . The company traded as high as $6.54 and last traded at $6.52. Approximately 3,776,463 shares traded hands during trading, a decline of 67% from the average daily volume of 11,583,882 shares. The stock had previously closed at $6.24.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Raymond James raised IAMGOLD from a “strong sell” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a report on Tuesday, October 22nd. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. Finally, StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, IAMGOLD presently has a consensus rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Stock Performance

The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 5.05 and a beta of 1.56. 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 firm’s 50 day moving average is $5.55 and its 200-day moving average is $5.21.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, November 7th. The mining company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.11 by $0.07. IAMGOLD had a return on equity of 10.01% and a net margin of 49.56%. The company had revenue of $438.90 million for the quarter. During the same period in the previous year, the business posted ($0.01) earnings per share. Analysts forecast that IAMGOLD Co. will post 0.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IAG. Bank of New York Mellon Corp raised its position in shares of IAMGOLD by 12.7% during the 4th quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company’s stock worth $181,000 after purchasing an additional 3,961 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in IAMGOLD in the 4th quarter valued at $174,000. Leuthold Group LLC lifted its holdings in IAMGOLD by 55.4% in the 4th quarter. Leuthold Group LLC now owns 876,813 shares of the mining company’s stock valued at $4,524,000 after purchasing an additional 312,504 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in IAMGOLD during the 4th quarter worth $68,000. Finally, CIBC Asset Management Inc grew its holdings in shares of IAMGOLD by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 700,955 shares of the mining company’s stock worth $3,615,000 after buying an additional 2,848 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.