7,345,661 Shares in Iamgold Corporation $IAG Acquired by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. acquired 7,345,661 shares of Iamgold Corporation, valued at approximately $45.9 million, making up around 1.28% of the company's stock as of the end of the last quarter.
• Several institutional investors have increased their stakes in Iamgold, including Millennium Management LLC, which raised its holdings by 88.4%, now owning over 10 million shares worth more than $53 million.
• Iamgold reported an earnings miss with an EPS of $0.13, falling short of analysts' expectations of $0.14, and had revenue of $587.21 million compared to a consensus estimate of $663.21 million.

T. Rowe Price Investment Management Inc. bought a new position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,345,661 shares of the mining company's stock, valued at approximately $45,911,000. T. Rowe Price Investment Management Inc. owned approximately 1.28% of Iamgold at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IAG. Millennium Management LLC increased its holdings in Iamgold by 88.4% in the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock worth $53,307,000 after acquiring an additional 4,846,254 shares in the last quarter. Nuveen LLC purchased a new stake in Iamgold in the 1st quarter worth approximately $20,620,000. Ninety One UK Ltd purchased a new stake in Iamgold in the 1st quarter worth approximately $14,678,000. American Century Companies Inc. increased its holdings in Iamgold by 19.0% in the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock worth $75,489,000 after acquiring an additional 1,929,787 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Iamgold by 21.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,267,628 shares of the mining company's stock worth $47,818,000 after acquiring an additional 1,637,158 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Trading Up 3.6%

IAG stock opened at $8.7650 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 6.31, a PEG ratio of 0.28 and a beta of 1.08. Iamgold Corporation has a 1-year low of $4.44 and a 1-year high of $8.87. The business has a 50 day simple moving average of $7.41 and a two-hundred day simple moving average of $6.84.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The firm had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. Research analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. CIBC reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price target for the company in a research note on Monday, June 30th. Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Scotiabank upped their price target on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.53.

About Iamgold

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.

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