Euro Pacific Asset Management LLC Sells 73,528 Shares of Iamgold Corporation $IAG

Key Points

• Euro Pacific Asset Management reduced its Iamgold position by 5.5% in the first quarter, selling 73,528 shares and leaving it with 1.27 million shares worth about $23.9 million.
• Iamgold reported stronger-than-expected quarterly results, posting EPS of $0.66 versus the $0.52 consensus and revenue of $1.01 billion, beating analyst estimates.
• Wall Street remains cautiously positive on the stock, with an average Moderate Buy rating and a consensus price target of $19.00, even as several firms trimmed their targets recently.

Euro Pacific Asset Management LLC decreased its holdings in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,269,611 shares of the mining company's stock after selling 73,528 shares during the quarter. Iamgold comprises about 2.3% of Euro Pacific Asset Management LLC's investment portfolio, making the stock its 15th largest position. Euro Pacific Asset Management LLC owned about 0.22% of Iamgold worth $23,873,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company's stock worth $4,321,000 after buying an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Iamgold by 6.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company's stock valued at $15,127,000 after buying an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Iamgold by 67.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company's stock valued at $6,283,000 after acquiring an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. grew its position in Iamgold by 64.1% in the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company's stock worth $1,678,000 after acquiring an additional 89,197 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Iamgold by 16.9% in the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company's stock worth $3,899,000 after acquiring an additional 77,016 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Iamgold Stock Performance

Shares of NYSE:IAG opened at $14.12 on Friday. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 8.21, a PEG ratio of 0.61 and a beta of 1.30. Iamgold Corporation has a 12 month low of $6.69 and a 12 month high of $24.87. The firm's 50-day moving average is $16.46 and its 200 day moving average is $18.30. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share 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 for the quarter, compared to analyst estimates of $955.17 million. Research analysts predict that Iamgold Corporation will post 2.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IAG. Scotiabank decreased their price objective on Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Tuesday. Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Royal Bank Of Canada cut their target price on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Bank of America decreased their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Finally, Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. One 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.00.

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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