IAMGOLD (NYSE:IAG) Shares Up 7.4% - Here's What Happened

IAMGOLD Co. (NYSE:IAG - Get Free Report) TSE: IMG's share price 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 were traded 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 have commented on the company. Cibc World Mkts upgraded IAMGOLD from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a "hold" rating to a "buy" rating and raised their target price for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price target on shares of IAMGOLD in a research note 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, 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 company's stock. According to MarketBeat, IAMGOLD has an average rating of "Moderate Buy" and a consensus price target of $6.68.

IAMGOLD Trading Up 8.1 %

The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. The business's fifty day moving average is $5.38 and its two-hundred day moving average is $4.89. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 4.36 and a beta of 1.56.

Institutional Investors Weigh In On IAMGOLD

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in shares of IAMGOLD by 66.6% during the third 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 worth about $267,000. Toronto Dominion Bank grew 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 buying an additional 37,005 shares during the period. Geode Capital Management LLC increased its stake 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 valued at $1,392,000 after acquiring an additional 6,874 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of IAMGOLD in the 3rd quarter valued at approximately $1,083,000. 47.08% of the stock is owned by 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.