BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 217,678 Shares of Iamgold Corporation $IAG

Key Points

• British Columbia Investment Management Corp increased its stake in Iamgold Corporation by 85% during the first quarter, holding approximately 473,750 shares valued at about $2.96 million.
• Iamgold's latest earnings report showed a miss on EPS estimates, with $0.13 reported versus the expected $0.14, and revenue falling short at $587.21 million against the $663.21 million forecast.
• The company currently has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $8.53 per share.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 85.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 473,750 shares of the mining company's stock after buying an additional 217,678 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.08% of Iamgold worth $2,957,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sprott Inc. lifted its position in Iamgold by 5.1% during the 1st quarter. Sprott Inc. now owns 5,952,037 shares of the mining company's stock worth $37,196,000 after buying an additional 287,710 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Iamgold during the 1st quarter worth about $45,911,000. Credit Agricole S A lifted its position in Iamgold by 18.6% during the 1st quarter. Credit Agricole S A now owns 387,874 shares of the mining company's stock worth $2,424,000 after buying an additional 60,877 shares in the last quarter. Hsbc Holdings PLC lifted its position in Iamgold by 17.8% during the 1st quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company's stock worth $125,000 after buying an additional 3,020 shares in the last quarter. Finally, Quantbot Technologies LP raised its holdings in shares of Iamgold by 231,846.0% in the 1st quarter. Quantbot Technologies LP now owns 146,126 shares of the mining company's stock valued at $913,000 after purchasing an additional 146,063 shares during the period. 47.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IAG has been the topic of a number of research analyst reports. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target on the stock in a research report on Monday, June 30th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, Scotiabank raised their target price on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $8.53.

Iamgold Trading Up 4.2%

NYSE IAG traded up $0.38 during mid-day trading on Friday, reaching $9.33. 8,511,967 shares of the stock were exchanged, compared to its average volume of 13,994,546. Iamgold Corporation has a one year low of $4.44 and a one year high of $9.35. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The stock has a market cap of $5.37 billion, a P/E ratio of 6.71, a P/E/G ratio of 0.30 and a beta of 1.08. The stock has a 50 day simple moving average of $7.54 and a 200-day simple moving average of $6.91.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. On average, analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current year.

Iamgold Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.