Gabelli Funds LLC Takes Position in Iamgold Corporation $IAG

Key Points

• Gabelli Funds LLC acquired a new stake in Iamgold Corporation, purchasing 854,500 shares valued at approximately $5.34 million, representing about 0.15% of the company as of the latest SEC filing.
• Several hedge funds have modified their positions in Iamgold recently, increasing institutional ownership of the company to 47.08%.
• Iamgold's stock performance shows a current price of $8.96, with varying analyst ratings, including an average target price of $8.53 after recent rating shifts.

Gabelli Funds LLC acquired a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 854,500 shares of the mining company's stock, valued at approximately $5,341,000. Gabelli Funds LLC owned 0.15% of Iamgold at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IAG. Vanguard Group Inc. raised its stake in Iamgold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock worth $134,764,000 after buying an additional 361,608 shares during the period. American Century Companies Inc. raised its stake in Iamgold by 19.0% during the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock worth $75,489,000 after buying an additional 1,929,787 shares during the period. Millennium Management LLC raised its stake in Iamgold by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock worth $53,307,000 after buying an additional 4,846,254 shares during the period. Dimensional Fund Advisors LP raised its stake in Iamgold by 21.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,267,628 shares of the mining company's stock worth $47,818,000 after buying an additional 1,637,158 shares during the period. Finally, Invesco Ltd. raised its stake in Iamgold by 19.6% during the 1st quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company's stock worth $53,352,000 after buying an additional 1,396,354 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 price target on the stock in a research note on Monday, June 30th. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Scotiabank upped their price target on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Finally, Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $8.53.

Iamgold Stock Performance

Shares of IAG stock traded up $0.19 during trading on Wednesday, hitting $9.62. The company's stock had a trading volume of 4,327,047 shares, compared to its average volume of 13,935,931. The company has a market cap of $5.53 billion, a PE ratio of 6.93, a P/E/G ratio of 0.30 and a beta of 1.21. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $7.66 and a 200-day moving average of $6.98. Iamgold Corporation has a 52 week low of $4.44 and a 52 week high of $9.70.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). The business had revenue of $587.21 million during 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, research analysts anticipate that Iamgold Corporation will post 0.67 earnings per share for the current 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.