Bank of Nova Scotia Purchases New Position in Iamgold Corporation $IAG

Key Points

• Bank of Nova Scotia purchased 440,110 Iamgold shares worth approximately $6.99 million in the second quarter, establishing a stake of about 0.08%. Institutional investors collectively own 47.08% of the company.
• Iamgold reported quarterly earnings of $0.42 per share, in line with analyst estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast.
• Analyst sentiment remains generally positive, with Iamgold holding a “Moderate Buy” consensus rating and a $20 average price target, despite mixed target-price revisions.

Bank of Nova Scotia purchased a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 440,110 shares of the mining company's stock, valued at approximately $6,985,000. Bank of Nova Scotia owned about 0.08% of Iamgold as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Iamgold in the second quarter worth approximately $170,000. Quantbot Technologies LP bought a new position in shares of Iamgold in the second quarter valued at approximately $1,195,000. William Blair Investment Management LLC bought a new position in shares of Iamgold in the second quarter valued at approximately $11,314,000. Callan Family Office LLC purchased a new position in shares of Iamgold during the second quarter valued at approximately $191,000. Finally, Donald Smith & CO. Inc. purchased a new position in shares of Iamgold during the second quarter valued at approximately $206,146,000. 47.08% of the stock is owned by institutional investors.

Iamgold Stock Performance

Shares of IAG stock opened at $22.16 on Wednesday. The stock has a market capitalization of $12.72 billion, a P/E ratio of 11.19, a PEG ratio of 1.16 and a beta of 1.32. 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 firm's 50 day moving average is $16.43 and its 200 day moving average is $18.05. Iamgold Corporation has a 12 month low of $8.86 and a 12 month high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts' consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. On average, sell-side analysts anticipate that Iamgold Corporation will post 1.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IAG. Bank of America reduced 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. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday, August 20th. They set a "buy" rating and a $24.00 price target on the stock. Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a report on Saturday. Scotiabank upped their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada reduced 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. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Iamgold currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Iamgold Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source