Gamco Investors INC. ET AL Boosts Stake in Iamgold Corporation $IAG

Gamco Investors INC. ET AL boosted its stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 381.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 393,280 shares of the mining company’s stock after purchasing an additional 311,510 shares during the period. Gamco Investors INC. ET AL’s holdings in Iamgold were worth $5,084,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Iamgold by 3.5% during the third quarter. Vanguard Group Inc. now owns 22,767,691 shares of the mining company’s stock worth $294,151,000 after buying an additional 778,680 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Iamgold by 12.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock worth $154,046,000 after acquiring an additional 2,302,527 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Iamgold by 183.5% during the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after acquiring an additional 4,928,077 shares during the period. CI Investments Inc. purchased a new position in Iamgold during the 3rd quarter valued at about $96,747,000. Finally, Sprott Inc. grew its position in Iamgold by 1.3% in the 3rd quarter. Sprott Inc. now owns 7,313,344 shares of the mining company’s stock valued at $94,557,000 after acquiring an additional 91,615 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Zacks Research raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Finally, TD Securities reaffirmed a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Iamgold has a consensus rating of “Buy” and a consensus price target of $17.75.

Iamgold Stock Performance

Shares of Iamgold stock opened at $21.74 on Monday. The business has a 50-day simple moving average of $19.90 and a 200-day simple moving average of $15.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. Iamgold Corporation has a one year low of $5.02 and a one year high of $24.87. The company has a market cap of $12.82 billion, a PE ratio of 18.90, a P/E/G ratio of 1.73 and a beta of 1.32.

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

Insider Activity at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $657,400. This trade represents a 60.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

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.