Vanguard Group Inc. Boosts Position in Iamgold Corporation $IAG

Vanguard Group Inc. lifted its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 3.5% in the third quarter, Holdings Channel.com reports. The fund owned 22,767,691 shares of the mining company’s stock after purchasing an additional 778,680 shares during the period. Vanguard Group Inc.’s holdings in Iamgold were worth $294,151,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its position in Iamgold by 183.5% in the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after purchasing an additional 4,928,077 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Iamgold during the second quarter valued at approximately $550,000. Waratah Capital Advisors Ltd. bought a new position in Iamgold in the second quarter worth approximately $1,868,000. Allspring Global Investments Holdings LLC increased its stake in shares of Iamgold by 33.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock worth $45,318,000 after purchasing an additional 878,000 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd purchased a new stake in Iamgold in the second quarter worth about $1,311,000. 47.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $657,400. The trade was a 60.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

IAG has been the topic of several analyst reports. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, Scotiabank raised their target price on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Stock Performance

Iamgold stock opened at $24.61 on Friday. The company’s 50-day moving average price is $19.39 and its 200-day moving average price is $14.78. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The company has a market cap of $14.51 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 0.28 and a beta of 1.36. Iamgold Corporation has a twelve month low of $5.02 and a twelve month high of $24.66.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. On average, equities research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Iamgold 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.