2,402,243 Shares in Iamgold Corporation $IAG Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,402,243 shares of the mining company’s stock, valued at approximately $38,114,000. Legal & General Group Plc owned approximately 0.42% of Iamgold as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of IAG. Mariner LLC lifted its stake in shares of Iamgold by 0.6% in the 4th quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock worth $1,814,000 after acquiring an additional 615 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in shares of Iamgold by 1.9% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock valued at $612,000 after acquiring an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Iamgold by 73.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after acquiring an additional 1,150 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Iamgold by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock valued at $2,849,000 after acquiring an additional 1,303 shares during the period. Finally, Northwest & Ethical Investments L.P. raised its holdings in Iamgold by 0.4% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock worth $5,716,000 after purchasing an additional 1,424 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on IAG. Scotiabank upped their target price on Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada lowered their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Bank of America dropped their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, Jefferies Financial Group started coverage on Iamgold in a research note on Thursday, August 20th. They set a “buy” rating and a $24.00 target price for the company. Two research 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Iamgold Stock Down 4.4%

NYSE IAG opened at $20.60 on Friday. 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’s 50 day simple moving average is $16.68 and its 200 day simple moving average is $18.11. Iamgold Corporation has a 12 month low of $8.97 and a 12 month high of $24.87. The company has a market capitalization of $11.83 billion, a P/E ratio of 10.40, a PEG ratio of 1.14 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Equities research analysts expect that Iamgold Corporation will post 1.92 earnings per share 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.