116,173 Shares in Iamgold Corporation $IAG Bought by Asset One Wealth Management LLC

Key Points

• Asset One Wealth Management initiated a position in IAMGOLD, purchasing 116,173 shares worth approximately $1.74 million during the second quarter. Institutional investors and hedge funds collectively own 47.08% of the company.
• IAMGOLD reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Analysts expect $1.92 in earnings per share for the current fiscal year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and a $20.00 target price, despite several firms recently lowering or adjusting their targets.

Asset One Wealth Management LLC acquired a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 116,173 shares of the mining company's stock, valued at approximately $1,741,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of Iamgold by 14.0% during the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company's stock worth $4,321,000 after buying an additional 84,939 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Iamgold by 6.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company's stock worth $15,127,000 after acquiring an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Iamgold by 67.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company's stock valued at $6,283,000 after purchasing an additional 404,645 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Iamgold by 64.1% in the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company's stock valued at $1,678,000 after purchasing an additional 89,197 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Iamgold by 16.9% in the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company's stock valued at $3,899,000 after purchasing an additional 77,016 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Iamgold Stock Down 0.1%

Shares of NYSE IAG opened at $21.11 on Monday. The stock has a fifty day moving average price of $16.27 and a 200 day moving average price of $18.01. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Iamgold Corporation has a 12-month low of $8.29 and a 12-month high of $24.87. The company has a market cap of $12.12 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.12 and a beta of 1.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Research analysts anticipate that Iamgold Corporation will post 1.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on IAG shares. Bank of America reduced their target price on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Wall Street Zen upgraded Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday. Jefferies Financial Group initiated coverage on shares of Iamgold in a research note on Thursday. They issued a "buy" rating and a $24.00 target price for the company. Finally, Scotiabank upped their target price on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

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.

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