IAMGOLD (NYSE:IAG) Reaches New 52-Week High – Here’s Why

Shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) reached a new 52-week high during trading on Tuesday . The company traded as high as $6.64 and last traded at $6.45, with a volume of 13292249 shares changing hands. The stock had previously closed at $6.41.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on IAG shares. Raymond James raised shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a research report on Monday, February 3rd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Finally, StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.57.

IAMGOLD Stock Performance

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’s fifty day moving average price is $5.65 and its 200 day moving average price is $5.30. The firm has a market capitalization of $3.77 billion, a PE ratio of 5.16 and a beta of 1.56.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Tobam acquired a new stake in shares of IAMGOLD during the 4th quarter valued at about $25,000. ORG Partners LLC bought a new position in IAMGOLD during the third quarter valued at approximately $29,000. Eastern Bank acquired a new stake in IAMGOLD in the third quarter valued at approximately $30,000. Blue Trust Inc. grew its position in IAMGOLD by 157.1% in the fourth quarter. Blue Trust Inc. now owns 9,018 shares of the mining company’s stock worth $47,000 after acquiring an additional 5,511 shares in the last quarter. Finally, Raab & Moskowitz Asset Management LLC acquired a new position in shares of IAMGOLD during the 4th quarter worth $56,000. 47.08% of the stock is 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.