IAMGOLD (NYSE:IAG) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.96 and traded as high as $5.67. IAMGOLD shares last traded at $5.67, with a volume of 8,259,094 shares.

Wall Street Analysts Forecast Growth

IAG has been the topic of several research analyst reports. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday, January 1st. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and upped their target price for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, IAMGOLD presently has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Stock Up 3.5 %

The business’s 50 day simple moving average is $5.37 and its 200 day simple moving average is $4.96. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $3.24 billion, a PE ratio of 4.43 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

Several large investors have recently added to or reduced their stakes in IAG. ORG Partners LLC purchased a new position in shares of IAMGOLD in the 3rd quarter worth approximately $29,000. Eastern Bank purchased a new position in IAMGOLD during the third quarter worth $30,000. Aigen Investment Management LP increased its position in IAMGOLD by 10.6% during the third quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock valued at $368,000 after acquiring an additional 6,704 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of IAMGOLD by 2.7% in the third quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock valued at $1,392,000 after acquiring an additional 6,874 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after acquiring an additional 8,972 shares during the last quarter. 47.08% of the stock is owned by 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.