Caisse de depot et placement du Quebec Makes New Investment in Iamgold Corporation $IAG

Key Points

• Caisse de dépôt et placement du Québec purchased 569,673 IAMGOLD shares worth approximately $9.0 million, representing about 0.10% of the company. Several other institutional investors also initiated positions during the second quarter.
• Analysts remain broadly positive, with IAMGOLD receiving a “Moderate Buy” consensus rating and an average price target of $20.00; two analysts rate it a Strong Buy and five rate it a Buy.
• IAMGOLD reported quarterly earnings of $0.42 per share, in line with estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Shares opened at $20.60, down 4.4% in the reported session.

Caisse de depot et placement du Quebec purchased a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 569,673 shares of the mining company's stock, valued at approximately $9,038,000. Caisse de depot et placement du Quebec owned approximately 0.10% of Iamgold at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Man Group plc purchased a new position in Iamgold in the 2nd quarter valued at about $20,708,000. Polar Asset Management Partners Inc. acquired a new position in Iamgold in the 2nd quarter valued at about $3,008,000. Jupiter Topco LLC acquired a new position in Iamgold in the second quarter valued at approximately $5,664,000. EFG International AG purchased a new position in shares of Iamgold during the 2nd quarter worth $79,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Iamgold during the second quarter valued at about $335,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

IAG has been the topic of a number of research reports. Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Jefferies Financial Group assumed coverage on shares of Iamgold in a report on Thursday, August 20th. They set a "buy" rating and a $24.00 price objective on the stock. Weiss Ratings downgraded Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Bank of America dropped their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Finally, Royal Bank Of Canada reduced their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Iamgold currently has an average rating of "Moderate Buy" and an average target price of $20.00.

Iamgold Stock Down 4.4%

Shares of NYSE:IAG opened at $20.60 on Friday. The company has a market capitalization of $11.83 billion, a P/E ratio of 10.40, a P/E/G ratio of 1.09 and a beta of 1.32. 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 stock's fifty day simple moving average is $16.68 and its 200-day simple moving average is $18.11. Iamgold Corporation has a 52-week low of $8.97 and a 52-week high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted 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 the consensus estimate of $882.92 million. As a group, equities research analysts forecast that Iamgold Corporation will post 1.92 earnings per share for the current fiscal year.

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.

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