IAMGOLD (NYSE:IAG) Trading 7.4% Higher – Time to Buy?

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IAG. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Finally, StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Wednesday. Three 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Up 7.2 %

The firm’s 50 day moving average price is $5.39 and its two-hundred day moving average price is $4.89. The firm has a market capitalization of $3.16 billion, a PE ratio of 4.32 and a beta of 1.56. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24.

Hedge Funds Weigh In On IAMGOLD

Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its stake in IAMGOLD by 66.6% during the third quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock valued at $7,904,000 after buying an additional 604,259 shares in the last quarter. Virtu Financial LLC bought a new position in shares of IAMGOLD during the third quarter valued at approximately $267,000. Toronto Dominion Bank raised its position in shares of IAMGOLD by 15.6% during the 3rd quarter. Toronto Dominion Bank now owns 274,377 shares of the mining company’s stock worth $1,435,000 after purchasing an additional 37,005 shares during the period. Geode Capital Management LLC lifted its holdings in shares of IAMGOLD by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company’s stock worth $1,392,000 after purchasing an additional 6,874 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in IAMGOLD during the 3rd quarter valued at approximately $1,083,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.