Iamgold (NYSE:IAG) Shares Up 6.2%

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Iamgold Corp (NYSE:IAG) (TSE:IMG)’s stock price shot up 6.2% during mid-day trading on Monday . The company traded as high as $4.30 and last traded at $4.30. 4,507,851 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 6,210,345 shares. The stock had previously closed at $4.05.

A number of brokerages have recently issued reports on IAG. Bank of America downgraded Iamgold from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $6.25 to $4.50 in a research note on Friday, August 7th. Stifel Nicolaus raised Iamgold to a “buy” rating and set a $7.75 price objective for the company in a report on Tuesday, July 21st. National Bank Financial reissued a “buy” rating and set a $8.25 price objective on shares of Iamgold in a report on Tuesday, August 18th. Raymond James set a $5.50 price objective on Iamgold and gave the stock a “market perform” rating in a report on Friday, August 7th. Finally, Desjardins initiated coverage on Iamgold in a report on Tuesday, September 8th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $5.47.

The stock has a 50 day moving average price of $4.39 and a 200-day moving average price of $3.65. The stock has a market capitalization of $2.01 billion, a P/E ratio of -5.44, a PEG ratio of 5.00 and a beta of 0.97. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.28 and a quick ratio of 3.19.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Wednesday, August 5th. The mining company reported $0.04 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. Iamgold had a negative net margin of 32.46% and a positive return on equity of 0.47%. The firm had revenue of $284.60 million during the quarter. Research analysts predict that Iamgold Corp will post 0.27 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Two Sigma Advisers LP raised its holdings in Iamgold by 4.4% in the 2nd quarter. Two Sigma Advisers LP now owns 5,152,400 shares of the mining company’s stock worth $20,352,000 after acquiring an additional 219,300 shares during the last quarter. Ninety One UK Ltd grew its position in Iamgold by 27.8% in the 2nd quarter. Ninety One UK Ltd now owns 7,698,369 shares of the mining company’s stock worth $30,409,000 after purchasing an additional 1,673,054 shares during the period. Quadrature Capital Ltd bought a new stake in Iamgold in the 2nd quarter worth approximately $896,000. Tobam bought a new stake in Iamgold in the 2nd quarter worth approximately $1,944,000. Finally, Canada Pension Plan Investment Board bought a new stake in Iamgold in the 2nd quarter worth approximately $1,940,000. Institutional investors own 51.14% of the company’s stock.

Iamgold Company Profile (NYSE:IAG)

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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