SummitTX Capital L.P. Boosts Stock Position in Iamgold Corporation $IAG

SummitTX Capital L.P. raised its stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 497.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 70,724 shares of the mining company’s stock after purchasing an additional 58,882 shares during the quarter. SummitTX Capital L.P.’s holdings in Iamgold were worth $1,331,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IAG. Allspring Global Investments Holdings LLC raised its position in Iamgold by 11.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,917,300 shares of the mining company’s stock worth $64,645,000 after buying an additional 408,800 shares during the last quarter. Rathbones Group PLC boosted its holdings in shares of Iamgold by 1,037,042.8% in the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock valued at $6,907,694,000 after acquiring an additional 418,861,592 shares in the last quarter. Ninety One UK Ltd boosted its holdings in shares of Iamgold by 22.3% in the fourth quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock valued at $84,835,000 after acquiring an additional 938,855 shares in the last quarter. PKO Investment Management Joint Stock Co increased its stake in shares of Iamgold by 42.1% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock worth $4,464,000 after acquiring an additional 80,000 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after purchasing an additional 1,068,465 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Ratings Changes

IAG has been the subject of a number of recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Bank of America decreased their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Scotiabank lowered their target price on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Finally, Wall Street Zen cut shares of Iamgold from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Stock Down 2.4%

IAG opened at $13.91 on Thursday. 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 company has a market cap of $7.99 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 0.63 and a beta of 1.30. Iamgold Corporation has a one year low of $6.69 and a one year high of $24.87. The business’s fifty day moving average is $15.95 and its two-hundred day moving average is $18.19.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating 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 business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $955.17 million. Analysts anticipate that Iamgold Corporation will post 1.98 EPS 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.