Iamgold Corporation $IAG is Rathbones Group PLC’s Largest Position

Rathbones Group PLC lifted its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 1,037,042.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 418,901,982 shares of the mining company’s stock after purchasing an additional 418,861,592 shares during the period. Iamgold accounts for about 21.5% of Rathbones Group PLC’s holdings, making the stock its biggest position. Rathbones Group PLC owned approximately 70.86% of Iamgold worth $6,907,694,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IAG. Van ECK Associates Corp lifted its position in shares of Iamgold by 35.7% during the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after buying an additional 13,691,148 shares in the last quarter. CI Investments Inc. purchased a new stake in shares of Iamgold during the 3rd quarter worth approximately $96,747,000. Mackenzie Financial Corp raised its holdings in shares of Iamgold by 46.9% in the 3rd quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after purchasing an additional 3,567,399 shares during the period. Quadrature Capital Ltd lifted its stake in Iamgold by 4,887.4% in the third quarter. Quadrature Capital Ltd now owns 2,670,421 shares of the mining company’s stock valued at $34,534,000 after purchasing an additional 2,616,878 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Iamgold by 297.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,385,710 shares of the mining company’s stock valued at $43,732,000 after purchasing an additional 2,533,573 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director David Stewart Smith sold 31,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $657,400. This represents a 60.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Iamgold Trading Up 0.0%

NYSE:IAG opened at $19.10 on Monday. Iamgold Corporation has a 1 year low of $5.35 and a 1 year high of $24.87. The stock’s fifty day moving average price is $20.41 and its two-hundred day moving average price is $16.65. 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 company has a market cap of $11.22 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.51 and a beta of 1.46.

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

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. TD Securities reiterated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Scotiabank upped their price objective on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Finally, Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $17.75.

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.