BlackRock Inc. Takes Position in Iamgold Corporation $IAG

Key Points

• BlackRock acquired 22.1 million Iamgold shares worth approximately $350.1 million, giving it a 3.85% stake. Institutional investors collectively own 47.08% of the company.
• Analyst sentiment is generally positive, with Iamgold holding a “Moderate Buy” consensus rating and an average price target of $20.00; Jefferies initiated coverage with a $24 target.
• Iamgold reported quarterly EPS of $0.42, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. The stock opened at $22.16 and has traded between $8.86 and $24.87 over the past year.

BlackRock Inc. bought a new stake 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 and Exchange Commission. The institutional investor bought 22,105,100 shares of the mining company's stock, valued at approximately $350,145,000. BlackRock Inc. owned 3.85% of Iamgold at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Walleye Capital LLC bought a new stake in Iamgold during the 2nd quarter valued at $12,969,000. PKO Investment Management Joint Stock Co increased its position in shares of Iamgold by 42.1% in the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company's stock valued at $4,464,000 after acquiring an additional 80,000 shares during the period. Vanguard Group Inc. raised its stake in shares of Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock valued at $393,328,000 after acquiring an additional 1,068,465 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company's stock worth $180,471,000 after purchasing an additional 434,188 shares during the period. Finally, L1 Capital Pty Ltd grew its stake in shares of Iamgold by 961.5% in the fourth quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company's stock worth $20,647,000 after purchasing an additional 1,134,119 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IAG shares. Wall Street Zen upgraded Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday. Jefferies Financial Group began coverage on shares of Iamgold in a report on Thursday, August 20th. They issued a "buy" rating and a $24.00 price target on the stock. 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 report on Wednesday, August 12th. Bank of America cut their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.00.

Iamgold Stock Performance

Iamgold stock opened at $22.16 on Wednesday. Iamgold Corporation has a twelve month low of $8.86 and a twelve month high of $24.87. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. The company 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 stock's 50 day moving average is $16.43 and its 200 day moving average is $18.05.

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

About Iamgold

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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