IAMGOLD (NYSE:IAG) Stock Price Up 7.4% – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was up 7.4% on Thursday . The company traded as high as $5.54 and last traded at $5.54. Approximately 2,103,716 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 8,756,558 shares. The stock had previously closed at $5.16.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price objective on shares of IAMGOLD in a research report on Tuesday, October 22nd. StockNews.com cut IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and increased their price objective for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. Three equities 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 company’s stock. According to data from MarketBeat.com, IAMGOLD currently has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Down 1.3 %

The firm has a market capitalization of $3.15 billion, a P/E ratio of 4.30 and a beta of 1.56. 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 company’s fifty day moving average is $5.38 and its 200-day moving average is $4.91.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in shares of IAMGOLD by 66.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock worth $7,904,000 after purchasing an additional 604,259 shares during the period. Virtu Financial LLC bought a new position in IAMGOLD during the third quarter valued at about $267,000. Toronto Dominion Bank increased its stake in IAMGOLD by 15.6% during the third quarter. Toronto Dominion Bank now owns 274,377 shares of the mining company’s stock valued at $1,435,000 after acquiring an additional 37,005 shares during the period. Geode Capital Management LLC raised its holdings in IAMGOLD by 2.7% in the 3rd 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 in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of IAMGOLD in the 3rd quarter worth approximately $1,083,000. 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.