Connor Clark & Lunn Investment Management Ltd. Buys Shares of 10,042,436 Iamgold Corporation $IAG

Key Points

• Connor Clark & Lunn Investment Management acquired 10.04 million IAMGOLD shares worth approximately $158.9 million, giving it a 1.75% stake. Institutional investors and hedge funds collectively own 47.08% of the company.
• Analyst sentiment is largely positive: IAMGOLD carries a “Moderate Buy” consensus rating with an average price target of $20, while Jefferies initiated coverage with a “Buy” rating and a $24 target.
• IAMGOLD reported quarterly earnings of $0.42 per share, matching estimates, on revenue of $845.97 million. Shares opened at $21.11, with a 12-month range of $8.29 to $24.87.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,042,436 shares of the mining company's stock, valued at approximately $158,877,000. Connor Clark & Lunn Investment Management Ltd. owned about 1.75% of Iamgold at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Walleye Capital LLC bought a new stake in Iamgold in the second quarter valued at approximately $12,969,000. PKO Investment Management Joint Stock Co raised its holdings in Iamgold by 42.1% in the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company's stock worth $4,464,000 after purchasing an additional 80,000 shares during the period. Vanguard Group Inc. boosted its position in shares of Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock worth $393,328,000 after purchasing an additional 1,068,465 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company's stock worth $180,471,000 after purchasing an additional 434,188 shares in the last quarter. Finally, L1 Capital Pty Ltd boosted its position in shares of Iamgold by 961.5% during the fourth quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company's stock worth $20,647,000 after purchasing an additional 1,134,119 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings lowered Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Royal Bank Of Canada reduced their target price on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Scotiabank boosted their target price on Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group started coverage on Iamgold in a report on Thursday. They issued a "buy" rating and a $24.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.00.

Iamgold Stock Performance

Shares of IAG opened at $21.11 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. Iamgold Corporation has a twelve month low of $8.29 and a twelve month high of $24.87. The firm's 50 day moving average price is $16.27 and its two-hundred day moving average price 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 released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting the consensus estimate 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 analysts' expectations of $882.92 million. On average, analysts forecast that Iamgold Corporation will post 1.92 EPS 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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