Ninety One UK Ltd Buys 2,998,882 Shares of Iamgold Corporation $IAG

Ninety One UK Ltd boosted its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 127.7% in the second quarter, HoldingsChannel reports. The firm owned 5,347,405 shares of the mining company’s stock after purchasing an additional 2,998,882 shares during the quarter. Ninety One UK Ltd’s holdings in Iamgold were worth $39,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Iamgold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company’s stock worth $134,764,000 after buying an additional 361,608 shares during the period. American Century Companies Inc. boosted its holdings in shares of Iamgold by 19.0% during the first quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company’s stock worth $75,489,000 after acquiring an additional 1,929,787 shares during the period. Invesco Ltd. boosted its holdings in shares of Iamgold by 19.6% during the first quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company’s stock worth $53,352,000 after acquiring an additional 1,396,354 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Iamgold during the first quarter worth approximately $45,911,000. Finally, Sprott Inc. boosted its holdings in shares of Iamgold by 5.1% during the first quarter. Sprott Inc. now owns 5,952,037 shares of the mining company’s stock worth $37,196,000 after acquiring an additional 287,710 shares during the period. Institutional investors own 47.08% of the company’s stock.

Iamgold Trading Up 0.8%

IAG opened at $12.93 on Wednesday. Iamgold Corporation has a twelve month low of $4.44 and a twelve month high of $13.14. The company has a 50-day simple moving average of $9.25 and a 200 day simple moving average of $7.73. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 9.30, a P/E/G ratio of 0.44 and a beta of 1.21.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The firm had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. Analysts predict that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. CIBC restated an “outperform” rating on shares of Iamgold in a research note on Tuesday, July 15th. National Bankshares reissued an “outperform” rating on shares of Iamgold in a research report on Tuesday, June 24th. Raymond James Financial raised shares of Iamgold to a “hold” rating and set a $8.00 target price for the company in a research report on Monday, June 30th. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Finally, Royal Bank Of Canada raised shares of Iamgold from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold presently has a consensus rating of “Moderate Buy” and an average price target of $10.13.

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.