Bank of America Corp DE Raises Holdings in Iamgold Corporation $IAG

Key Points

• Bank of America increased its Iamgold position by 4.7% in the first quarter, adding 434,188 shares for a total of 9.59 million shares valued at approximately $180.5 million. Institutional investors collectively own 47.08% of the company.
• Analysts maintain a generally positive outlook, with Iamgold receiving a “Moderate Buy” consensus rating and an average price target of $19.00, despite several recent target-price reductions.
• Iamgold shares opened at $14.81, while the company’s latest quarterly results exceeded expectations: adjusted earnings were $0.66 per share versus a $0.52 estimate, and revenue reached $1.01 billion.

Bank of America Corp DE lifted its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 4.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,589,342 shares of the mining company's stock after buying an additional 434,188 shares during the quarter. Bank of America Corp DE owned approximately 1.66% of Iamgold worth $180,471,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IAG. Ninety One UK Ltd raised its stake in Iamgold by 22.3% in 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 in the last quarter. PKO Investment Management Joint Stock Co boosted its position in shares of Iamgold by 42.1% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company's stock worth $4,464,000 after purchasing an additional 80,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Iamgold by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock worth $393,328,000 after buying an additional 1,068,465 shares during the last quarter. L1 Capital Pty Ltd grew its stake in Iamgold by 961.5% during the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company's stock worth $20,647,000 after buying an additional 1,134,119 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in Iamgold by 86.5% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,993,050 shares of the mining company's stock valued at $37,471,000 after buying an additional 924,140 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Iamgold Stock Up 0.4%

Shares of IAG stock opened at $14.81 on Wednesday. Iamgold Corporation has a fifty-two week low of $7.07 and a fifty-two week high of $24.87. The firm has a market capitalization of $8.51 billion, a PE ratio of 8.61, a P/E/G ratio of 0.66 and a beta of 1.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The stock's 50-day simple moving average is $15.77 and its 200-day simple moving average is $18.11.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.14. The firm had revenue of $1.01 billion during 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%. Equities analysts expect that Iamgold Corporation will post 1.98 earnings per share for the current year.

Iamgold Profile

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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