IAMGOLD (NYSE:IAG) Trading Up 3.6% – Time to Buy?

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares traded up 3.6% during mid-day trading on Wednesday . The stock traded as high as $6.25 and last traded at $6.26. 3,623,433 shares were traded during mid-day trading, a decline of 62% from the average session volume of 9,540,566 shares. The stock had previously closed at $6.04.

Analysts Set New Price Targets

A number of equities analysts have commented on IAG shares. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Cibc World Mkts raised shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. National Bank Financial raised shares of IAMGOLD to a “strong-buy” rating in a report on Friday, March 21st. CIBC reiterated an “outperform” rating on shares of IAMGOLD in a report on Thursday, March 20th. Finally, Raymond James upgraded IAMGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, IAMGOLD currently has an average rating of “Moderate Buy” and an average price target of $6.90.

IAMGOLD Trading Up 2.2 %

The firm has a market cap of $3.53 billion, a PE ratio of 4.25 and a beta of 1.63. 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 company has a 50 day simple moving average of $5.94 and a two-hundred day simple moving average of $5.56.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IAG. Bank of Montreal Can raised its stake in shares of IAMGOLD by 130.6% during the 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock valued at $28,385,000 after buying an additional 3,049,252 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in IAMGOLD by 3.9% in the third quarter. The Manufacturers Life Insurance Company now owns 471,617 shares of the mining company’s stock valued at $2,474,000 after acquiring an additional 17,891 shares during the period. FMR LLC boosted its position in IAMGOLD by 107.9% in the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of IAMGOLD by 368.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock worth $7,772,000 after purchasing an additional 1,196,564 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of IAMGOLD by 10.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 109,558 shares of the mining company’s stock valued at $575,000 after purchasing an additional 10,715 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

IAMGOLD Company Profile

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.