Federation des caisses Desjardins du Quebec Sells 79,918 Shares of Iamgold Corporation $IAG

Key Points

• The Federation des caisses Desjardins du Quebec reduced its stake in Iamgold Corporation by 10.9%, now owning 0.11% of the company worth approximately $4,064,000.
• Despite the stake reduction, Iamgold received mixed ratings from analysts, including an "outperform" rating from CIBC and an upgrade to "hold" from Raymond James Financial.
• Iamgold reported a missed earnings estimate with a quarterly EPS of $0.13 compared to the consensus of $0.14, alongside revenue that fell short at $587.21 million against an expectation of $663.21 million.

Federation des caisses Desjardins du Quebec decreased its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 10.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 653,767 shares of the mining company's stock after selling 79,918 shares during the period. Federation des caisses Desjardins du Quebec owned 0.11% of Iamgold worth $4,064,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of IAG. Hsbc Holdings PLC raised its position in shares of Iamgold by 17.8% during the 1st quarter. Hsbc Holdings PLC now owns 19,973 shares of the mining company's stock valued at $125,000 after purchasing an additional 3,020 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Iamgold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company's stock worth $3,099,000 after buying an additional 5,053 shares in the last quarter. Summit Securities Group LLC bought a new stake in Iamgold during the first quarter valued at about $35,000. Harvest Portfolios Group Inc. lifted its position in shares of Iamgold by 6.7% in the first quarter. Harvest Portfolios Group Inc. now owns 91,349 shares of the mining company's stock valued at $570,000 after acquiring an additional 5,755 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in shares of Iamgold by 63.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock worth $98,000 after acquiring an additional 7,359 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IAG. CIBC reissued an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research report on Monday, June 30th. 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. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Finally, Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Iamgold presently has a consensus rating of "Moderate Buy" and an average target price of $8.53.

Iamgold Trading Down 0.6%

IAG stock traded down $0.06 during midday trading on Tuesday, reaching $10.02. 9,318,092 shares of the company traded hands, compared to its average volume of 13,898,531. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 0.32 and a beta of 1.20. The business has a 50 day moving average of $7.86 and a 200-day moving average of $7.08. Iamgold Corporation has a 52-week low of $4.44 and a 52-week high of $10.27. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47.

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

Iamgold Company 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.