Gabelli Funds LLC lessened its stake in Iamgold Corporation (NYSE:IAG – Free Report) (TSE:IMG) by 16.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,921,200 shares of the mining company’s stock after selling 369,500 shares during the quarter. Gabelli Funds LLC’s holdings in Iamgold were worth $36,157,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Banque Transatlantique SA purchased a new stake in shares of Iamgold in the second quarter worth about $26,000. Pin Oak Investment Advisors Inc. purchased a new position in Iamgold during the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new position in Iamgold during the fourth quarter valued at approximately $33,000. FNY Investment Advisers LLC acquired a new position in Iamgold in the fourth quarter valued at approximately $38,000. Finally, LOM Asset Management Ltd acquired a new position in Iamgold in the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.
Wall Street Analysts Forecast Growth
IAG has been the topic of several recent research reports. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. 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. Scotiabank lowered their price target on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. Finally, Wall Street Zen lowered shares of Iamgold from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.00.
Iamgold Stock Performance
NYSE IAG opened at $14.64 on Friday. The stock has a market capitalization of $8.41 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 0.65 and a beta of 1.30. Iamgold Corporation has a twelve month low of $6.69 and a twelve month high of $24.87. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average of $16.08 and a 200 day moving average of $18.24.
Iamgold (NYSE:IAG – Get Free Report) (TSE:IMG) last issued its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Sell-side analysts anticipate that Iamgold Corporation will post 1.98 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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