IAMGOLD (NYSE:IAG) Sets New 52-Week High - Time to Buy?

IAMGOLD Co. (NYSE:IAG - Get Free Report) 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.

Wall Street Analysts Forecast Growth

IAG has been the topic of a number of research reports. Canaccord Genuity Group raised shares of IAMGOLD from a "hold" rating to a "buy" rating and raised their target price for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. CIBC raised shares of IAMGOLD from a "neutral" rating to a "sector outperform" rating in a research report on Monday, December 2nd. StockNews.com raised shares of IAMGOLD from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Cibc World Mkts raised shares of IAMGOLD from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 2nd. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $6.00 target price on shares of IAMGOLD in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $6.57.

IAMGOLD Stock Performance

The business's 50-day moving average price is $5.68 and its 200-day moving average price is $5.31. 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 stock has a market cap of $3.62 billion, a PE ratio of 4.96 and a beta of 1.56.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IAG. RCF Management L.L.C. purchased a new position in shares of IAMGOLD in the 4th quarter worth approximately $128,174,000. FMR LLC boosted its stake 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. Van ECK Associates Corp boosted its stake in IAMGOLD by 8.8% in the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company's stock worth $276,639,000 after purchasing an additional 4,267,084 shares in the last quarter. Two Sigma Advisers LP boosted its stake in IAMGOLD by 58.8% in the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company's stock worth $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in IAMGOLD by 130.6% in the 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company's stock worth $28,385,000 after purchasing an additional 3,049,252 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

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.