Allspring Global Investments Holdings LLC Acquires 728,000 Shares of Iamgold Corporation (NYSE:IAG)

Allspring Global Investments Holdings LLC raised its holdings in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 56.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,017,000 shares of the mining company's stock after acquiring an additional 728,000 shares during the period. Allspring Global Investments Holdings LLC owned about 0.35% of Iamgold worth $12,589,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Iamgold during the 4th quarter valued at approximately $174,000. Bank of New York Mellon Corp boosted its position in Iamgold by 12.7% in the fourth quarter. Bank of New York Mellon Corp now owns 35,046 shares of the mining company's stock valued at $181,000 after buying an additional 3,961 shares in the last quarter. Aigen Investment Management LP grew its stake in shares of Iamgold by 25.8% during the fourth quarter. Aigen Investment Management LP now owns 88,341 shares of the mining company's stock worth $456,000 after buying an additional 18,097 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Iamgold during the fourth quarter worth $107,000. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Iamgold in the 4th quarter valued at $103,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IAG shares. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research report on Monday. National Bank Financial raised Iamgold to a "strong-buy" rating in a research note on Friday, March 21st. Scotiabank upped their price objective on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research note on Monday, May 12th. CIBC raised their price objective on shares of Iamgold from $8.40 to $9.20 and gave the company an "outperformer" rating in a report on Thursday, May 8th. Finally, BMO Capital Markets assumed coverage on shares of Iamgold in a research report on Wednesday, April 16th. They set an "outperform" rating on the stock. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $8.29.

Iamgold Trading Up 0.3%

Shares of IAG traded up $0.02 during mid-day trading on Friday, reaching $7.45. 9,761,702 shares of the company were exchanged, compared to its average volume of 11,537,998. The business has a 50 day simple moving average of $7.06 and a two-hundred day simple moving average of $6.38. Iamgold Corporation has a 52 week low of $3.44 and a 52 week high of $8.38. The stock has a market capitalization of $4.28 billion, a PE ratio of 5.28, a PEG ratio of 0.38 and a beta of 1.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 1.41.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The firm had revenue of $457.23 million during the quarter, compared to analyst estimates of $578.70 million. On average, analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Iamgold Company 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.