The Manufacturers Life Insurance Company bought a new position in shares of Iamgold Corporation (NYSE:IAG – Free Report) (TSE:IMG) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,392,512 shares of the mining company’s stock, valued at approximately $53,738,000. The Manufacturers Life Insurance Company owned 0.59% of Iamgold as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold in the fourth quarter worth $30,000. Global Retirement Partners LLC purchased a new position in Iamgold during the fourth quarter valued at $33,000. Western Wealth Management LLC purchased a new position in Iamgold during the first quarter valued at $43,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after buying an additional 1,150 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its holdings in shares of Iamgold by 617.8% during the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company’s stock valued at $49,000 after buying an additional 2,570 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.
Analyst Ratings Changes
Several research analysts recently issued reports on the stock. Bank of America decreased their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Jefferies Financial Group assumed coverage on shares of Iamgold in a research note on Thursday, August 20th. They set a “buy” rating and a $24.00 price objective on the stock. Royal Bank Of Canada decreased their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Scotiabank lifted their target price on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.00.
Iamgold Price Performance
Shares of NYSE:IAG opened at $21.53 on Thursday. The business has a fifty day moving average price of $16.51 and a 200-day moving average price of $18.07. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The company has a market capitalization of $12.37 billion, a PE ratio of 10.87, a PEG ratio of 1.17 and a beta of 1.32. Iamgold Corporation has a 1-year low of $8.86 and a 1-year high of $24.87.
Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last announced its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. As a group, equities analysts expect that Iamgold Corporation will post 1.92 EPS for the current fiscal year.
Iamgold Company Profile
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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