Bank of America Corp DE Buys Shares of 9,578,005 Iamgold Corporation $IAG

Key Points

• Bank of America acquired 9.58 million Iamgold shares worth approximately $151.7 million, giving it a 1.67% stake. Institutional and hedge fund investors collectively own 47.08% of the company.
• Analyst sentiment is broadly positive, with Iamgold holding a “Moderate Buy” consensus rating and an average price target of $21.83; recent targets range from $21 to $24.
• Iamgold reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast.

Bank of America Corp DE purchased a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,578,005 shares of the mining company's stock, valued at approximately $151,716,000. Bank of America Corp DE owned 1.67% of Iamgold as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Western Wealth Management LLC purchased a new stake in shares of Iamgold in the 1st quarter valued at $43,000. EverSource Wealth Advisors LLC boosted its holdings in Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company's stock valued at $51,000 after acquiring an additional 1,150 shares during the period. Banque Cantonale Vaudoise boosted its holdings in Iamgold by 617.8% during the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock valued at $49,000 after acquiring an additional 2,570 shares during the period. EFG International AG acquired a new position in Iamgold in the 2nd quarter valued at about $79,000. Finally, Parallel Advisors LLC grew its position in Iamgold by 59.4% in the 1st quarter. Parallel Advisors LLC now owns 5,730 shares of the mining company's stock valued at $108,000 after acquiring an additional 2,135 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on IAG shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Iamgold in a research note on Friday, September 4th. Royal Bank Of Canada lifted their price objective on shares of Iamgold from $20.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday. Jefferies Financial Group began coverage on shares of Iamgold in a research note on Thursday, August 20th. They set a "buy" rating and a $24.00 target price on the stock. Raymond James Financial upped their target price on shares of Iamgold from $20.00 to $21.00 and gave the stock a "market perform" rating in a research note on Friday, September 4th. Finally, Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Two research analysts have 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, Iamgold currently has an average rating of "Moderate Buy" and a consensus target price of $21.83.

Iamgold Stock Performance

Shares of IAG stock opened at $20.18 on Friday. The company has a market cap of $11.48 billion, a P/E ratio of 10.19, a PEG ratio of 1.04 and a beta of 1.40. The firm has a fifty day moving average price of $17.84 and a 200 day moving average price of $17.88. 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 Corporation has a 12 month low of $10.83 and a 12 month high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates of $0.42. The company had revenue of $845.97 million for the quarter, compared to analysts' expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Sell-side analysts predict that Iamgold Corporation will post 1.91 earnings per share for the current fiscal year.

Iamgold Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold's principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.

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