Gabelli Funds LLC Boosts Stock Holdings in Iamgold Corporation $IAG

Gabelli Funds LLC lifted its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 6.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,076,500 shares of the mining company’s stock after buying an additional 128,000 shares during the quarter. Gabelli Funds LLC’s holdings in Iamgold were worth $26,849,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in Iamgold in the 2nd quarter valued at approximately $26,000. Tsfg LLC bought a new stake in shares of Iamgold in the 3rd quarter worth $26,000. Tableaux LLC bought a new stake in shares of Iamgold in the 2nd quarter worth $61,000. Olympiad Research LP purchased a new position in shares of Iamgold in the second quarter worth $87,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Iamgold in the second quarter worth $90,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Performance

IAG stock opened at $21.74 on Friday. The company has a market cap of $12.82 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.73 and a beta of 1.33. Iamgold Corporation has a 1 year low of $5.02 and a 1 year high of $24.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The stock’s fifty day moving average price is $19.90 and its 200-day moving average price is $15.33.

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

Analyst Ratings Changes

IAG has been the topic of several recent analyst reports. Scotiabank increased their price objective on Iamgold to $25.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Iamgold presently has a consensus rating of “Buy” and a consensus target price of $17.75.

Insider Transactions at Iamgold

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the director directly owned 20,000 shares in the company, valued at $657,400. The trade was a 60.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

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.