IAMGOLD (NYSE:IAG) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

IAMGOLD Co. (NYSE:IAG) (TSE:IMG)’s stock price 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 traded.

Analyst Ratings Changes

IAG has been the subject of several research reports. StockNews.com cut shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and boosted their target price for the stock from $7.75 to $10.50 in a 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. 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 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 MarketBeat.com, IAMGOLD presently has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Price Performance

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. ORG Partners LLC acquired a new position in IAMGOLD in the third quarter worth about $29,000. Eastern Bank bought a new stake in shares of IAMGOLD in the 3rd quarter valued at approximately $30,000. Aigen Investment Management LP raised its position in shares of IAMGOLD by 10.6% during the 3rd quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock valued at $368,000 after acquiring an additional 6,704 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of IAMGOLD by 2.7% during the third 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 period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after buying an additional 8,972 shares during the last quarter. 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.