109,000 Shares in Iamgold Corporation (NYSE:IAG) Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC purchased a new stake of 109,000 shares in Iamgold Corporation, valued at approximately $681,000, during the first quarter.
• IAG's recent earnings report matched expectations with earnings per share of $0.10, while revenue came in lower than analysts' forecasts at $457.23 million.
• Currently, Iamgold has a consensus rating of "Moderate Buy" from analysts, with a target price of $8.53.

HB Wealth Management LLC bought a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 109,000 shares of the mining company's stock, valued at approximately $681,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Alpha Omega Wealth Management LLC bought a new position in Iamgold in the 1st quarter worth $75,000. Avantax Advisory Services Inc. bought a new position in Iamgold in the 1st quarter worth $86,000. Ritholtz Wealth Management bought a new position in Iamgold in the 1st quarter worth $94,000. Tudor Investment Corp ET AL boosted its holdings in shares of Iamgold by 63.3% during the 4th quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock valued at $98,000 after purchasing an additional 7,359 shares during the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Iamgold during the 4th quarter valued at about $101,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Price Performance

Shares of NYSE IAG traded up $0.34 during mid-day trading on Monday, hitting $7.20. 5,049,995 shares of the company's stock traded hands, compared to its average volume of 14,190,574. The company's 50-day moving average is $7.20 and its two-hundred day moving average is $6.65. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83. The company has a market capitalization of $4.14 billion, a P/E ratio of 5.10, a PEG ratio of 0.21 and a beta of 1.08. Iamgold Corporation has a 1 year low of $3.44 and a 1 year high of $8.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The company had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. On average, equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on IAG. CIBC reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. BMO Capital Markets began coverage on shares of Iamgold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 price objective for the company in a report on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Finally, Scotiabank increased their price objective on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $8.53.

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.