Amundi Has $65.82 Million Stock Position in Iamgold Corporation $IAG

Key Points

• Amundi cut its Iamgold stake by 18.5% in the first quarter, selling 793,267 shares and retaining 3.50 million shares worth approximately $65.82 million, or 0.61% of the company.
• Institutional investors and hedge funds own 47.08% of Iamgold, with several major holders—including FIL, Vanguard, Bank of America, and Ninety One—raising their positions.
• Iamgold exceeded quarterly expectations with EPS of $0.66 versus $0.52 estimated and revenue of $1.01 billion. Analysts maintain a “Moderate Buy” consensus, though the average price target has declined to $19.00.

Amundi reduced its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 18.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,497,175 shares of the mining company's stock after selling 793,267 shares during the period. Amundi owned approximately 0.61% of Iamgold worth $65,817,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Rathbones Group PLC raised its stake in Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock worth $6,907,694,000 after acquiring an additional 418,861,592 shares in the last quarter. FIL Ltd boosted its position in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock valued at $600,135,000 after buying an additional 20,134,496 shares in the last quarter. Vanguard Group Inc. boosted its position in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock valued at $393,328,000 after buying an additional 1,068,465 shares in the last quarter. Bank of America Corp DE grew its stake in Iamgold by 16.4% during the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock worth $144,745,000 after buying an additional 1,581,064 shares during the last quarter. Finally, Ninety One UK Ltd grew its stake in Iamgold by 22.3% during the fourth quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company's stock worth $84,835,000 after buying an additional 938,855 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Stock Performance

Shares of Iamgold stock opened at $14.15 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. The firm has a 50 day simple moving average of $15.85 and a 200 day simple moving average of $18.15. Iamgold Corporation has a fifty-two week low of $6.70 and a fifty-two week high of $24.87. The firm has a market cap of $8.13 billion, a P/E ratio of 8.23, a P/E/G ratio of 0.63 and a beta of 1.30.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. Sell-side analysts predict that Iamgold Corporation will post 1.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on IAG shares. Bank of America cut their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered Iamgold from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Weiss Ratings downgraded Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Finally, Scotiabank reduced their price objective on Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.00.

About Iamgold

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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