Cibc World Market Inc. Purchases New Position in Iamgold Corporation $IAG

Key Points

• CIBC World Market Inc. purchased 2.61 million IAMGOLD shares worth approximately $41.3 million, representing about 0.45% of the company. Institutional investors and hedge funds collectively own 47.08% of Iamgold.
• Analysts maintain a generally positive outlook, with one Strong Buy, six Buy, and three Hold ratings. The stock has an average “Moderate Buy” rating and a consensus price target of $20.00, while individual targets range up to $24.00.
• Iamgold reported quarterly earnings of $0.42 per share, matching expectations, but revenue of $845.97 million fell short of the $882.92 million consensus estimate. Shares opened at $21.11, with a 12-month range of $8.29 to $24.87.

Cibc World Market Inc. bought a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,605,678 shares of the mining company's stock, valued at approximately $41,320,000. Cibc World Market Inc. owned about 0.45% of Iamgold as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in IAG. BlackRock Inc. purchased a new stake in Iamgold in the second quarter valued at approximately $350,145,000. FIL Ltd grew its position in shares of Iamgold by 124.0% during the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock worth $600,135,000 after acquiring an additional 20,134,496 shares during the last quarter. Donald Smith & CO. Inc. purchased a new position in shares of Iamgold during the second quarter worth approximately $206,146,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Iamgold in the 2nd quarter valued at $158,877,000. Finally, Deutsche Bank AG acquired a new position in shares of Iamgold in the 2nd quarter valued at $41,399,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IAG has been the subject of several research reports. Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings downgraded shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Scotiabank lifted their price objective on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. 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 report on Thursday, July 9th. Finally, Jefferies Financial Group assumed coverage on shares of Iamgold in a research note on Thursday. They set a "buy" rating and a $24.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Iamgold has an average rating of "Moderate Buy" and an average price target of $20.00.

Iamgold Trading Down 0.1%

NYSE:IAG opened at $21.11 on Monday. Iamgold Corporation has a 12-month low of $8.29 and a 12-month high of $24.87. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The stock's 50 day simple moving average is $16.27 and its 200-day simple moving average is $18.01. The firm has a market cap of $12.12 billion, a P/E ratio of 10.66, a PEG ratio of 1.12 and a beta of 1.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The firm had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. Equities analysts anticipate that Iamgold Corporation will post 1.92 EPS for the current 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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