CI Investments Inc. reduced its position in shares of Iamgold Corporation (NYSE:IAG – Free Report) (TSE:IMG) by 24.5% in the 1st quarter, Holdings Channel reports. The firm owned 5,555,344 shares of the mining company’s stock after selling 1,807,089 shares during the period. CI Investments Inc.’s holdings in Iamgold were worth $104,552,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IAG. First Trust Advisors LP boosted its holdings in shares of Iamgold by 82.0% in the 1st quarter. First Trust Advisors LP now owns 582,271 shares of the mining company’s stock valued at $10,952,000 after purchasing an additional 262,264 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in shares of Iamgold in the 1st quarter valued at $530,000. Parallel Advisors LLC raised its holdings in shares of Iamgold by 59.4% during the 1st quarter. Parallel Advisors LLC now owns 5,730 shares of the mining company’s stock worth $108,000 after buying an additional 2,135 shares in the last quarter. Swiss National Bank raised its holdings in shares of Iamgold by 3.9% during the 1st quarter. Swiss National Bank now owns 1,183,000 shares of the mining company’s stock worth $22,214,000 after buying an additional 44,000 shares in the last quarter. Finally, Precision Wealth Strategies LLC lifted its position in shares of Iamgold by 31.0% during the 1st quarter. Precision Wealth Strategies LLC now owns 16,024 shares of the mining company’s stock worth $302,000 after buying an additional 3,792 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several analysts recently weighed in on IAG shares. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Scotiabank lowered their target price on Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 14th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Royal Bank Of Canada reduced their price target on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.
Iamgold Stock Up 6.9%
Shares of IAG opened at $14.93 on Wednesday. Iamgold Corporation has a 52 week low of $6.69 and a 52 week high of $24.87. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 0.62 and a beta of 1.30. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The stock has a fifty day moving average of $16.28 and a 200-day moving average of $18.28.
Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last released its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, sell-side analysts anticipate that Iamgold Corporation will post 1.98 earnings per share for the current fiscal year.
About Iamgold
IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.
The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.
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