Bank of New York Mellon Corp Takes Position in Iamgold Corporation $IAG

Key Points

• Bank of New York Mellon acquired 215,857 IAMGOLD shares worth approximately $3.42 million in the second quarter. Institutional investors now own 47.08% of the company.
• IAMGOLD reported quarterly earnings of $0.42 per share, matching analyst expectations, while revenue of $845.97 million fell short of the $882.92 million consensus estimate.
• The stock opened at $20.46, within its $9.55–$24.87 12-month range. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $21.33.

Bank of New York Mellon Corp acquired a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 215,857 shares of the mining company's stock, valued at approximately $3,419,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Transatlantique SA bought a new position in Iamgold in the 2nd quarter valued at $26,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Iamgold in the fourth quarter worth $30,000. Global Retirement Partners LLC purchased a new stake in shares of Iamgold in the fourth quarter worth $33,000. Western Wealth Management LLC purchased a new stake in shares of Iamgold in the first quarter worth $43,000. Finally, Banque Cantonale Vaudoise boosted its stake in Iamgold by 617.8% during the fourth quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock valued at $49,000 after buying an additional 2,570 shares during the period. Institutional investors own 47.08% of the company's stock.

Iamgold Price Performance

IAG opened at $20.46 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $11.69 billion, a P/E ratio of 10.33, a PEG ratio of 1.09 and a beta of 1.40. The stock has a 50-day moving average price of $17.10 and a 200-day moving average price of $18.04. Iamgold Corporation has a 12-month low of $9.55 and a 12-month high of $24.87.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen upgraded Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Weiss Ratings downgraded Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada decreased their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Finally, Jefferies Financial Group started coverage on shares of Iamgold in a research note on Thursday, August 20th. They issued a "buy" rating and a $24.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Iamgold presently has an average rating of "Moderate Buy" and an average target price of $21.33.

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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