1,307,110 Shares in Iamgold Corporation $IAG Bought by Man Group plc

Key Points

• Man Group plc acquired 1.31 million Iamgold shares in the second quarter, valued at about $20.7 million and representing roughly 0.23% of the company.
• Iamgold reported quarterly earnings of $0.42 per share, in line with analyst estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $20.00, while institutional investors and hedge funds own 47.08% of the stock.

Man Group plc bought a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,307,110 shares of the mining company's stock, valued at approximately $20,708,000. Man Group plc owned approximately 0.23% of Iamgold as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Iamgold during the fourth quarter worth about $30,000. Global Retirement Partners LLC acquired a new stake in shares of Iamgold during the fourth quarter worth approximately $33,000. Western Wealth Management LLC bought a new stake in shares of Iamgold in the first quarter worth $43,000. EverSource Wealth Advisors LLC raised its holdings in Iamgold by 73.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its stake in Iamgold by 617.8% during the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock valued at $49,000 after acquiring an additional 2,570 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Price Performance

Shares of NYSE:IAG opened at $21.53 on Thursday. The firm's 50 day moving average is $16.51 and its two-hundred day moving average is $18.07. Iamgold Corporation has a 52 week low of $8.86 and a 52 week high of $24.87. The firm has a market capitalization of $12.37 billion, a P/E ratio of 10.87, a PEG ratio of 1.17 and a beta of 1.32. 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 (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates of $0.42. The company had revenue of $845.97 million for the quarter, compared to analysts' expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Analysts anticipate that Iamgold Corporation will post 1.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IAG shares. Royal Bank Of Canada cut their target price on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings lowered Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group began coverage on shares of Iamgold in a report on Thursday, August 20th. They issued a "buy" rating and a $24.00 price target for the company. Finally, Scotiabank upped their price objective on Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Iamgold presently has an average rating of "Moderate Buy" and an average price target 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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