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

A number of other institutional investors have also recently bought and sold shares of IAG. Cetera Investment Advisers raised its holdings in shares of Iamgold by 2.5% in the first quarter. Cetera Investment Advisers now owns 311,376 shares of the mining company's stock valued at $1,946,000 after purchasing an additional 7,677 shares during the last quarter. Avantax Advisory Services Inc. acquired a new position in Iamgold during the first quarter worth $86,000. Ninepoint Partners LP acquired a new position in Iamgold during the first quarter worth $2,618,000. Y Intercept Hong Kong Ltd increased its holdings in Iamgold by 533.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 213,134 shares of the mining company's stock worth $1,332,000 after buying an additional 179,504 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in Iamgold during the first quarter worth $3,975,000. Institutional investors own 47.08% of the company's stock.

Iamgold Stock Performance

Shares of Iamgold stock traded up $0.09 during trading on Friday, reaching $6.85. The company's stock had a trading volume of 13,175,042 shares, compared to its average volume of 12,154,517. Iamgold Corporation has a 52 week low of $3.44 and a 52 week high of $8.38. The business's 50-day moving average price is $7.20 and its 200-day moving average price is $6.62. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.29. The firm has a market cap of $3.94 billion, a PE ratio of 4.86, a P/E/G ratio of 0.21 and a beta of 1.08.

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 the consensus estimate of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The business had revenue of $457.23 million during the quarter, compared to analysts' expectations of $578.70 million. Equities analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IAG. National Bankshares restated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 price objective for the company in a research report on Monday, June 30th. Scotiabank lifted their price objective 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. BMO Capital Markets began coverage on shares of Iamgold in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Finally, CIBC reissued an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Iamgold presently has an average rating of "Moderate Buy" and an average price target of $8.53.

Iamgold 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.