351,333 Shares in Iamgold Corporation $IAG Purchased by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management initiated a new position in Iamgold, buying 351,333 shares worth about $6.34 million in the first quarter. The stake represented roughly 2% of Bastion’s portfolio.
• Other institutional investors also added to Iamgold, and hedge funds now own about 47.08% of the stock. Notable buyers included Bank of New York Mellon, Hillsdale Investment Management, and U.S. Global Investors.
• Analyst sentiment remains mixed but positive overall, with a “Moderate Buy” consensus and an average price target of $19.00. Iamgold recently beat earnings expectations, reporting $0.66 EPS versus the expected $0.52.

Bastion Asset Management Inc. bought a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 351,333 shares of the mining company's stock, valued at approximately $6,339,000. Iamgold makes up approximately 2.0% of Bastion Asset Management Inc.'s investment portfolio, making the stock its 18th largest holding. Bastion Asset Management Inc. owned 0.06% of Iamgold at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of IAG. Bank of New York Mellon Corp lifted its stake in Iamgold by 4.1% during the first quarter. Bank of New York Mellon Corp now owns 174,431 shares of the mining company's stock valued at $3,283,000 after purchasing an additional 6,874 shares during the last quarter. Sigma Planning Corp bought a new position in shares of Iamgold in the first quarter valued at $770,000. Hillsdale Investment Management Inc. lifted its position in shares of Iamgold by 86.5% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,993,050 shares of the mining company's stock valued at $37,471,000 after acquiring an additional 924,140 shares during the last quarter. U S Global Investors Inc. lifted its position in shares of Iamgold by 69.0% during the 1st quarter. U S Global Investors Inc. now owns 971,581 shares of the mining company's stock valued at $18,285,000 after acquiring an additional 396,581 shares during the last quarter. Finally, Cvfg LLC bought a new stake in shares of Iamgold during the 1st quarter worth $1,236,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Scotiabank decreased their target price on Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a report on Tuesday. Weiss Ratings lowered Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Finally, Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Iamgold Price Performance

Shares of NYSE:IAG opened at $14.18 on Friday. The company's fifty day moving average is $16.55 and its two-hundred day moving average is $18.33. The company has a market cap of $8.14 billion, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 0.64 and a beta of 1.30. Iamgold Corporation has a 12-month low of $6.69 and a 12-month high of $24.87. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $955.17 million. Equities analysts expect that Iamgold Corporation will post 2.07 earnings per share for the current fiscal 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.

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