Vanguard Group Inc. Purchases 1,068,465 Shares of Iamgold Corporation $IAG

Vanguard Group Inc. raised its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 4.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,836,156 shares of the mining company’s stock after acquiring an additional 1,068,465 shares during the period. Vanguard Group Inc.’s holdings in Iamgold were worth $393,328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in 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 last quarter. Vanguard Personalized Indexing Management LLC increased its position in Iamgold by 4.3% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 38,499 shares of the mining company’s stock valued at $498,000 after acquiring an additional 1,598 shares during the last quarter. Tsfg LLC bought a new position in Iamgold during the third quarter valued at $26,000. FNY Investment Advisers LLC bought a new position in Iamgold during the fourth quarter valued at $38,000. Finally, Creative Planning increased its position in Iamgold by 18.1% during the third quarter. Creative Planning now owns 15,987 shares of the mining company’s stock valued at $207,000 after acquiring an additional 2,451 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IAG. TD Securities reiterated a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Scotiabank upped their price target on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.75.

Insiders Place Their Bets

In other Iamgold 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 transaction of $1,018,970.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Iamgold Trading Up 13.5%

NYSE IAG opened at $18.51 on Thursday. The company’s 50-day moving average price is $19.38 and its 200-day moving average price is $17.47. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The stock has a market cap of $10.74 billion, a PE ratio of 10.76, a PEG ratio of 0.84 and a beta of 1.26. Iamgold Corporation has a 12 month low of $6.06 and a 12 month high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 27.84%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $955.17 million. Equities research analysts forecast that Iamgold Corporation will post 2.18 earnings per share 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.