CI Investments Inc. Sells 1,807,089 Shares of Iamgold Corporation $IAG

Key Points

• CI Investments Inc. cut its Iamgold position by 24.5% in the first quarter, selling 1,807,089 shares and ending with 5,555,344 shares worth about $104.6 million.
• Other hedge funds and institutional investors have also been active in Iamgold, and institutions now own 47.08% of the company’s stock.
• Analysts remain cautiously positive: the stock has a Moderate Buy consensus with an average price target of $19.00, even as several firms trimmed their targets.

CI Investments Inc. decreased its stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 24.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,555,344 shares of the mining company's stock after selling 1,807,089 shares during the period. CI Investments Inc. owned 0.96% of Iamgold worth $104,552,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new position in Iamgold in the 4th quarter valued at about $30,000. Global Retirement Partners LLC bought a new stake in shares of Iamgold during the fourth quarter worth approximately $33,000. FNY Investment Advisers LLC acquired a new position in shares of Iamgold in the fourth quarter valued at approximately $38,000. LOM Asset Management Ltd acquired a new position in shares of Iamgold in the fourth quarter valued at approximately $49,000. Finally, Banque Cantonale Vaudoise increased its stake in shares of Iamgold by 617.8% during the fourth quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock worth $49,000 after purchasing an additional 2,570 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IAG shares. Scotiabank dropped their price target on Iamgold from $25.00 to $22.00 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. Royal Bank Of Canada decreased their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Finally, 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 report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Iamgold Stock Performance

NYSE:IAG opened at $14.93 on Wednesday. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 8.68, a PEG ratio of 0.62 and a beta of 1.30. Iamgold Corporation has a fifty-two week low of $6.69 and a fifty-two week high of $24.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. The stock has a fifty day moving average price of $16.28 and a 200-day moving average price of $18.28.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, equities analysts anticipate that Iamgold Corporation will post 1.98 EPS 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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