IAMGOLD (NYSE:IAG) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.96 and traded as high as $5.67. IAMGOLD shares last traded at $5.67, with a volume of 8,259,094 shares.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. CIBC upgraded IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. StockNews.com lowered shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Price Performance

The business’s fifty day simple moving average is $5.37 and its 200 day simple moving average is $4.97. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 4.43 and a beta of 1.56. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61.

Hedge Funds Weigh In On IAMGOLD

Several large investors have recently added to or reduced their stakes in IAG. BNP Paribas Financial Markets boosted its holdings in IAMGOLD by 368.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock worth $7,772,000 after acquiring an additional 1,196,564 shares during the last quarter. Semanteon Capital Management LP purchased a new stake in IAMGOLD in the 3rd quarter valued at about $503,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of IAMGOLD by 158.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after buying an additional 2,839,556 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after acquiring an additional 4,267,084 shares in the last quarter. Finally, U S Global Investors Inc. increased its position in shares of IAMGOLD by 241.6% during the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after acquiring an additional 604,114 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.