Gabelli Funds LLC Buys 128,000 Shares of Iamgold Corporation $IAG

Key Points

• Gabelli Funds LLC boosted its Q3 stake in Iamgold by 6.6%, buying 128,000 shares to hold 2,076,500 shares (about 0.36% of the company) worth roughly $26.85 million.
• Iamgold beat EPS estimates in the latest quarter ($0.70 vs. $0.55) with $1.08 billion in revenue, has an average analyst rating of Buy (consensus target $17.75), and the stock trades near $21.74 (market cap ≈ $12.8B).
• Other major institutions—including Vanguard, Arrowstreet, Mackenzie, and Sprott—also increased holdings, and institutional investors own about 47% of the company.

Gabelli Funds LLC boosted its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 6.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,076,500 shares of the mining company's stock after buying an additional 128,000 shares during the period. Gabelli Funds LLC owned 0.36% of Iamgold worth $26,849,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Iamgold by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 22,767,691 shares of the mining company's stock worth $294,151,000 after acquiring an additional 778,680 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Iamgold by 12.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company's stock valued at $154,046,000 after purchasing an additional 2,302,527 shares during the period. Mackenzie Financial Corp boosted its position in shares of Iamgold by 183.5% during the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company's stock valued at $56,118,000 after purchasing an additional 4,928,077 shares in the last quarter. CI Investments Inc. purchased a new stake in Iamgold in the third quarter worth $96,747,000. Finally, Sprott Inc. grew its stake in Iamgold by 1.3% in the third quarter. Sprott Inc. now owns 7,313,344 shares of the mining company's stock worth $94,557,000 after purchasing an additional 91,615 shares during the period. 47.08% of the stock is owned by institutional investors.

Iamgold Stock Up 0.5%

IAG stock opened at $21.74 on Friday. The business has a 50 day moving average of $19.90 and a 200 day moving average of $15.33. The firm has a market cap of $12.82 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.73 and a beta of 1.33. Iamgold Corporation has a twelve month low of $5.02 and a twelve month high of $24.87. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.55 by $0.15. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. On average, research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on IAG shares. Wall Street Zen upgraded Iamgold from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. Scotiabank boosted their target price on shares of Iamgold to $25.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. TD Securities reaffirmed a "buy" rating on shares of Iamgold in a research report on Thursday, February 19th. Zacks Research upgraded shares of Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Iamgold in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Iamgold currently has an average rating of "Buy" and a consensus target price of $17.75.

Insider Activity

In related news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the transaction, the director owned 20,000 shares in the company, valued at $657,400. The trade was a 60.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Iamgold Company Profile

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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