Mudita Advisors LLP Buys 606,795 Shares of Iamgold Corporation $IAG

Key Points

• Mudita Advisors LLP has increased its position in Iamgold Corporation by 41.1% during the first quarter, now holding over 2 million shares valued at approximately $13 million.
• IAG's latest quarterly earnings report showed $0.13 earnings per share, slightly missing estimates, with revenues totaling $587.21 million compared to a forecast of $663.21 million.
• Market analysts have differing views, with two rating the stock as Strong Buy and four giving it a Buy rating; the average target price is set at $8.53.

Mudita Advisors LLP grew its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 41.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,081,400 shares of the mining company's stock after buying an additional 606,795 shares during the quarter. Iamgold makes up about 6.6% of Mudita Advisors LLP's investment portfolio, making the stock its 6th largest holding. Mudita Advisors LLP owned approximately 0.36% of Iamgold worth $13,002,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in IAG. Raymond James Financial Inc. acquired a new stake in shares of Iamgold during the 4th quarter valued at about $107,000. Bank of America Corp DE lifted its holdings in shares of Iamgold by 13.2% during the 4th quarter. Bank of America Corp DE now owns 5,817,490 shares of the mining company's stock valued at $30,018,000 after buying an additional 680,192 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in shares of Iamgold during the 4th quarter valued at about $365,000. Cetera Investment Advisers lifted its holdings in shares of Iamgold by 23.8% during the 4th quarter. Cetera Investment Advisers now owns 303,699 shares of the mining company's stock valued at $1,567,000 after buying an additional 58,287 shares during the last quarter. Finally, Graham Capital Management L.P. acquired a new stake in shares of Iamgold during the 4th quarter valued at about $177,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on IAG. Zacks Research lowered Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. National Bankshares restated an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 target price for the company in a report on Monday, June 30th. CIBC restated an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Royal Bank Of Canada upgraded Iamgold from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Iamgold has a consensus rating of "Moderate Buy" and an average price target of $10.13.

Iamgold Trading Up 2.6%

Iamgold stock traded up $0.29 during mid-day trading on Monday, hitting $11.45. The stock had a trading volume of 9,555,568 shares, compared to its average volume of 13,913,460. The stock has a 50-day simple moving average of $8.13 and a two-hundred day simple moving average of $7.23. The stock has a market capitalization of $6.58 billion, a PE ratio of 8.25, a P/E/G ratio of 0.36 and a beta of 1.21. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $11.58. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly 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 firm 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, sell-side analysts forecast that Iamgold Corporation will post 0.67 EPS 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.