Candriam S.C.A. Decreases Stock Position in Iamgold Corporation $IAG

Key Points

• Candriam S.C.A. reduced its Iamgold stake by 33.8% in the first quarter, selling 520,000 shares and leaving it with 1.02 million shares worth about $19.2 million.
• Iamgold shares were down 0.9% to $15.33, below both its 50-day and 200-day moving averages, with the stock still trading well under its 52-week high.
• The company recently beat earnings expectations, reporting $0.66 EPS on revenue of $1.01 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $19.60.

Candriam S.C.A. cut its stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 33.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,020,000 shares of the mining company's stock after selling 520,000 shares during the quarter. Candriam S.C.A. owned 0.18% of Iamgold worth $19,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cvfg LLC purchased a new position in Iamgold in the 1st quarter worth approximately $1,236,000. Y Intercept Hong Kong Ltd bought a new position in shares of Iamgold in the first quarter worth approximately $8,020,000. Leonteq Securities AG increased its stake in shares of Iamgold by 1,002.9% in the first quarter. Leonteq Securities AG now owns 14,338 shares of the mining company's stock worth $270,000 after buying an additional 13,038 shares during the period. Louisbourg Investments Inc. increased its stake in shares of Iamgold by 3.2% in the first quarter. Louisbourg Investments Inc. now owns 318,300 shares of the mining company's stock worth $5,974,000 after buying an additional 9,900 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in Iamgold by 14.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 121,914 shares of the mining company's stock valued at $2,285,000 after buying an additional 15,032 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Iamgold Trading Down 0.9%

Shares of NYSE:IAG traded down $0.14 on Friday, hitting $15.33. The company had a trading volume of 2,460,918 shares, compared to its average volume of 5,079,893. The firm's 50-day simple moving average is $16.77 and its two-hundred day simple moving average is $18.40. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 8.91, a P/E/G ratio of 0.63 and a beta of 1.30. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. Iamgold Corporation has a 1 year low of $6.69 and a 1 year high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Equities analysts anticipate that Iamgold Corporation will post 2.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IAG shares. Weiss Ratings cut shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Royal Bank Of Canada dropped their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday. Bank of America cut their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Iamgold presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.60.

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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