Iamgold Corporation $IAG Shares Sold by Federation des caisses Desjardins du Quebec

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 holdings in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 10.9% during the 1st quarter, according to its most recent disclosure with the SEC. 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 approximately 0.11% of Iamgold worth $4,064,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of IAG. Summit Securities Group LLC purchased a new position in Iamgold in the first quarter valued at approximately $35,000. Alpha Omega Wealth Management LLC purchased a new stake in shares of Iamgold during the first quarter valued at approximately $75,000. Avantax Advisory Services Inc. purchased a new stake in shares of Iamgold during the first quarter valued at approximately $86,000. Vident Advisory LLC purchased a new stake in shares of Iamgold during the first quarter valued at approximately $92,000. Finally, Ritholtz Wealth Management purchased a new stake in shares of Iamgold during the first quarter valued at approximately $94,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IAG shares. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research note on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. CIBC reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $9.00 to $14.00 in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $10.13.

Iamgold Stock Performance

Iamgold stock traded up $0.95 during mid-day trading on Wednesday, reaching $10.97. The company's stock had a trading volume of 10,600,650 shares, compared to its average volume of 13,872,471. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 0.33 and a beta of 1.21. The business has a 50 day moving average price of $7.91 and a 200-day moving average price of $7.10. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. Iamgold Corporation has a twelve month low of $4.44 and a twelve month high of $11.32.

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