Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Iamgold Corporation (NYSE:IAG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Iamgold Corporation by 25.4%, selling 1,155,350 shares during the first quarter, leaving it with approximately 0.59% of the company's shares valued at $21.1 million.
• Iamgold recently reported a quarterly earnings miss with an earnings per share of $0.13, falling short of the $0.14 consensus estimate, amid revenues of $587.21 million against expected earnings of $663.21 million.
• Analysts continue to show optimism for Iamgold, with a consensus rating of "Moderate Buy" and average target price set at $8.53, following multiple upgrades and coverage initiations by brokerages.

Connor Clark & Lunn Investment Management Ltd. reduced its position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 25.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,384,737 shares of the mining company's stock after selling 1,155,350 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.59% of Iamgold worth $21,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new position in shares of Iamgold in the first quarter worth approximately $647,000. Ritholtz Wealth Management bought a new position in shares of Iamgold in the first quarter worth approximately $94,000. Cerity Partners LLC boosted its position in shares of Iamgold by 28.0% in the first quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock worth $470,000 after purchasing an additional 16,475 shares during the period. Franklin Resources Inc. boosted its position in shares of Iamgold by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock worth $187,000 after purchasing an additional 1,836 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Iamgold by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after purchasing an additional 10,468 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IAG shares. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target for the company in a research report on Monday, June 30th. National Bankshares restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Scotiabank upped their target price on shares of Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. BMO Capital Markets started coverage on shares of Iamgold in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Finally, CIBC restated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $8.53.

Iamgold Trading Up 6.6%

Shares of IAG traded up $0.50 during midday trading on Tuesday, hitting $8.05. The stock had a trading volume of 14,764,576 shares, compared to its average volume of 13,319,903. Iamgold Corporation has a 1 year low of $4.44 and a 1 year high of $8.38. The firm has a market cap of $4.63 billion, a PE ratio of 5.79, a price-to-earnings-growth ratio of 0.23 and a beta of 1.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.83. The stock's 50 day moving average is $7.29 and its 200 day moving average is $6.73.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Iamgold had a return on equity of 8.54% and a net margin of 40.61%. The company had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. As a group, analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Iamgold Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.