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

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) shares rose 7.4% during mid-day trading 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 Upgrades and Downgrades

IAG has been the topic of several recent analyst reports. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, IAMGOLD has a consensus rating of “Moderate Buy” and a consensus price target of $6.68.

IAMGOLD Stock Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $5.38 and its two-hundred day simple moving average is $4.91. The company has a market capitalization of $3.15 billion, a P/E ratio of 4.30 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

Several hedge funds and other institutional investors have recently made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of IAMGOLD during the 3rd quarter worth approximately $29,000. Eastern Bank bought a new stake in shares of IAMGOLD during the 3rd quarter valued at $30,000. TIAA Trust National Association bought a new stake in shares of IAMGOLD during the 2nd quarter valued at $38,000. WINTON GROUP Ltd acquired a new position in shares of IAMGOLD in the 2nd quarter valued at $52,000. Finally, Flow Traders U.S. LLC bought a new position in shares of IAMGOLD in the 3rd quarter worth $93,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.