Iamgold Corporation $IAG Stock Position Raised by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. raised its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 71.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 747,070 shares of the mining company’s stock after purchasing an additional 312,140 shares during the quarter. Iamgold accounts for about 2.7% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 9th biggest holding. PCJ Investment Counsel Ltd.’s holdings in Iamgold were worth $9,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mackenzie Financial Corp increased its position in shares of 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 purchasing an additional 4,928,077 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Iamgold in the 2nd quarter worth approximately $550,000. Teachers Retirement System of The State of Kentucky lifted its position in Iamgold by 28.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company’s stock worth $7,602,000 after buying an additional 130,400 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in Iamgold in the second quarter worth approximately $1,868,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Iamgold by 33.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock worth $45,318,000 after buying an additional 878,000 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling

In related news, Director David Stewart Smith sold 31,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were 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. This represents a 60.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IAG shares. TD Securities reissued a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Zacks Research raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Scotiabank lifted their target price on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Canadian Imperial Bank of Commerce reissued 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 given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $17.75.

Iamgold Price Performance

Shares of Iamgold stock opened at $22.25 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. Iamgold Corporation has a one year low of $5.17 and a one year high of $24.87. The business’s 50 day simple moving average is $20.12 and its two-hundred day simple moving average is $15.57. The stock has a market capitalization of $13.12 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.73 and a beta of 1.33.

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

Iamgold Company 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.