Ashton Thomas Private Wealth LLC Buys New Shares in Iamgold Corporation $IAG

Key Points

• Ashton Thomas Private Wealth opened a position in IAMGOLD during the third quarter, buying 105,460 shares worth about $1.94 million.
• IAMGOLD beat quarterly earnings expectations, reporting $0.42 per share versus the $0.36 consensus, and revenue of $843.58 million versus estimates of $826.66 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $22.71; institutional investors and hedge funds own 47.08% of the company.

Ashton Thomas Private Wealth LLC purchased a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 105,460 shares of the mining company's stock, valued at approximately $1,942,000.

A number of other hedge funds have also made changes to their positions in IAG. PenderFund Capital Management Ltd. acquired a new stake in shares of Iamgold in the 2nd quarter valued at about $471,000. Walleye Capital LLC bought a new stake in Iamgold in the second quarter valued at about $12,969,000. RFG Advisory LLC bought a new stake in Iamgold in the second quarter valued at about $1,146,000. BlackRock Inc. bought a new stake in Iamgold in the second quarter valued at about $350,145,000. Finally, Amundi raised its stake in Iamgold by 2.2% during the second quarter. Amundi now owns 3,573,720 shares of the mining company's stock valued at $56,608,000 after buying an additional 76,545 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Price Performance

NYSE IAG opened at $19.80 on Tuesday. Iamgold Corporation has a 1 year low of $12.63 and a 1 year high of $24.87. The stock's 50-day moving average price is $18.61 and its two-hundred day moving average price is $18.34. The company has a market cap of $11.22 billion, a PE ratio of 8.40, a PEG ratio of 1.29 and a beta of 1.39. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results on Thursday, November 5th. The mining company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The business had revenue of $843.58 million during the quarter, compared to the consensus estimate of $826.66 million. On average, analysts predict that Iamgold Corporation will post 1.85 EPS for the current year.

Analysts Set New Price Targets

IAG has been the subject of a number of research analyst reports. Scotiabank boosted their price target on Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a report on Wednesday, August 12th. Zacks Research cut Iamgold from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 20th. Raymond James Financial lifted their price objective on shares of Iamgold from $20.00 to $21.00 and gave the stock a "market perform" rating in a report on Friday, September 4th. Wall Street Zen lowered shares of Iamgold from a "buy" rating to a "hold" rating in a research note on Saturday, September 19th. Finally, Royal Bank Of Canada boosted their target price on shares of Iamgold from $20.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.71.

Iamgold Company Profile

IAMGOLD Corporation is a Canadian gold mining company that explores for, develops and operates mineral properties. Its business is focused primarily on producing gold, with operations in Canada and Burkina Faso.

The company's assets include the Côté Gold mine in Ontario, the Westwood mine in Quebec and the Essakane mine in Burkina Faso. IAMGOLD also conducts exploration and development work to support its operating mines and assess potential mineral resources.

Founded in 1990, IAMGOLD has built a portfolio spanning North America and West Africa.

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