Iamgold Corporation $IAG Position Decreased by NewGen Asset Management Ltd

Key Points

• NewGen reduced its stake: NewGen Asset Management cut its Iamgold position by 15.8% in Q3 to 780,000 shares (about 2.7% of NewGen’s portfolio), representing roughly 0.13% of Iamgold worth ~$10.09M.
• Earnings beat: Iamgold reported quarterly EPS of $0.70 versus $0.55 expected and $1.08B in revenue, and the stock carries an average analyst rating of "Buy" with a $17.75 average price target.
• Insider sale and institutional ownership: Director David Stewart Smith sold 31,000 shares at an average $32.87 (reducing his holding by ~60.8%), while institutional investors own about 47.08% of Iamgold’s shares.

NewGen Asset Management Ltd decreased its position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 15.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 780,000 shares of the mining company's stock after selling 146,200 shares during the period. Iamgold makes up about 2.7% of NewGen Asset Management Ltd's portfolio, making the stock its 8th biggest holding. NewGen Asset Management Ltd owned about 0.13% of Iamgold worth $10,085,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IAG. Tsfg LLC acquired a new position in shares of Iamgold in the third quarter valued at about $26,000. Banque Transatlantique SA acquired a new stake in shares of Iamgold during the second quarter worth about $26,000. Tableaux LLC acquired a new position in Iamgold in the 2nd quarter worth approximately $61,000. Olympiad Research LP purchased a new position in Iamgold during the 2nd quarter worth approximately $87,000. Finally, Stevens Capital Management LP purchased a new position in Iamgold during the 2nd quarter worth approximately $90,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Stock Performance

NYSE IAG opened at $21.85 on Tuesday. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 1.73 and a beta of 1.32. The stock has a 50-day moving average of $20.01 and a 200 day moving average of $15.48. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. Iamgold Corporation has a twelve month low of $5.02 and a twelve month high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.55 by $0.15. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. Sell-side analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $657,400. This represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Zacks Research upgraded shares of Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. TD Securities reaffirmed a "buy" rating on shares of Iamgold in a report on Thursday, February 19th. Wall Street Zen upgraded Iamgold from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 21st. Scotiabank boosted their price objective on Iamgold to $25.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Iamgold in a report on Thursday, January 22nd. Two 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. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $17.75.

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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