HighTower Advisors LLC Takes $2.23 Million Position in Iamgold Corporation $IAG

Key Points

• HighTower Advisors LLC acquired 357,302 shares of Iamgold Corporation, valued at approximately $2.23 million, representing about 0.06% of the company's stock.
• Iamgold recently reported earnings of $0.13 per share, missing estimates, with revenues at $587.21 million compared to expectations of $663.21 million.
• Analysts have mixed ratings on Iamgold, with Zacks Research downgrading it to a "hold" and others maintaining modest price targets, reflecting cautious optimism in the company's performance.

HighTower Advisors LLC bought a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 357,302 shares of the mining company's stock, valued at approximately $2,233,000. HighTower Advisors LLC owned about 0.06% of Iamgold at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Iamgold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company's stock valued at $3,099,000 after buying an additional 5,053 shares during the period. Tudor Investment Corp ET AL grew its stake in Iamgold by 63.3% in the fourth 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. Cetera Investment Advisers grew its stake in 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. Geode Capital Management LLC boosted its holdings in Iamgold by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after acquiring an additional 10,468 shares in the last quarter. Finally, Alpha Omega Wealth Management LLC acquired a new stake in Iamgold in the first quarter worth about $75,000. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IAG. CIBC reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 target price for the company in a report on Monday, June 30th. Scotiabank boosted their price target on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.53.

Iamgold Price Performance

Shares of IAG traded down $0.21 during trading hours on Thursday, hitting $8.96. 6,295,049 shares of the stock were exchanged, compared to its average volume of 14,010,284. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. Iamgold Corporation has a 12-month low of $4.44 and a 12-month high of $9.19. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 6.45, a price-to-earnings-growth ratio of 0.30 and a beta of 1.08. The stock's 50-day moving average price is $7.51 and its two-hundred day moving average price is $6.90.

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

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.