Allianz Asset Management GmbH Grows Position in Iamgold Corporation $IAG

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Iamgold Corporation by 4,473.7% during Q2, owning approximately 0.09% of the company valued at $3.74 million.
• The stock’s share price opened at $12.04, showing a 52-week low of $4.89 and a high of $14.67, with a P/E ratio of 8.66.
• Wall Street analysts rate Iamgold favorably, with upgrades and a consensus target price averaging $15.25.

Allianz Asset Management GmbH boosted its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 4,473.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 508,872 shares of the mining company's stock after buying an additional 497,746 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.09% of Iamgold worth $3,740,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of IAG. Vanguard Group Inc. grew its stake in Iamgold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock valued at $134,764,000 after purchasing an additional 361,608 shares during the period. American Century Companies Inc. grew its stake 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 valued at $75,489,000 after purchasing an additional 1,929,787 shares during the period. Invesco Ltd. grew its stake in Iamgold by 19.6% in the 1st quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company's stock valued at $53,352,000 after purchasing an additional 1,396,354 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in Iamgold in the 1st quarter valued at $45,911,000. Finally, Sprott Inc. grew its stake in Iamgold by 5.1% in the 1st quarter. Sprott Inc. now owns 5,952,037 shares of the mining company's stock valued at $37,196,000 after purchasing an additional 287,710 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Stock Down 0.1%

Shares of NYSE IAG opened at $12.04 on Friday. Iamgold Corporation has a 52 week low of $4.89 and a 52 week high of $14.67. The business has a 50-day simple moving average of $11.24 and a two-hundred day simple moving average of $8.55. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.92 billion, a P/E ratio of 8.66, a P/E/G ratio of 0.43 and a beta of 1.24.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IAG. Royal Bank Of Canada upgraded Iamgold from a "sector perform" rating to an "outperform" rating and upped their price objective for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. CIBC upped their price objective on Iamgold from $10.40 to $19.00 and gave the company an "outperformer" rating in a research note on Friday, October 10th. Scotiabank upped their price objective on Iamgold from $8.50 to $15.00 and gave the company a "sector perform" rating in a research note on Thursday. Raymond James Financial increased their price target on Iamgold from $9.00 to $13.00 and gave the stock a "market perform" rating in a research note on Friday, October 10th. Finally, Stifel Canada upgraded Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Iamgold has a consensus rating of "Buy" and an average target price of $15.25.

Iamgold Profile

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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