Iamgold Corporation $IAG Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Iamgold Corporation by 30.4%, acquiring a total of 2,630,500 shares worth approximately $19.39 million.
• Analyst ratings for Iamgold have shown a mix of optimism, with Royal Bank of Canada upgrading it to "outperform" and raising the price target from $9.00 to $14.00, while Zacks Research downgraded it to "hold".
• Iamgold recently reported a net margin of 40.61% and earnings of $0.13 per share, which fell short of the estimated $0.14, with revenues also below expectations at $587.21 million.

Allspring Global Investments Holdings LLC lifted its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 30.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,630,500 shares of the mining company's stock after purchasing an additional 613,500 shares during the period. Allspring Global Investments Holdings LLC owned about 0.46% of Iamgold worth $19,387,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Iamgold during the first quarter worth $647,000. Ritholtz Wealth Management acquired a new stake in Iamgold in the first quarter valued at $94,000. Mudita Advisors LLP raised its holdings in Iamgold by 41.1% in the first quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company's stock valued at $13,002,000 after acquiring an additional 606,795 shares in the last quarter. U S Global Investors Inc. raised its holdings in Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company's stock valued at $3,675,000 after acquiring an additional 300,000 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in Iamgold by 28.0% in the first quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock valued at $470,000 after acquiring an additional 16,475 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IAG has been the topic of several recent analyst reports. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Raymond James Financial upped their price target on shares of Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a report on Friday, October 10th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Iamgold presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.85.

Iamgold Stock Up 2.8%

IAG stock opened at $14.66 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. Iamgold Corporation has a 1-year low of $4.89 and a 1-year high of $14.67. The firm has a fifty day moving average price of $10.76 and a two-hundred day moving average price of $8.33. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.49 and a beta of 1.24.

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

About Iamgold

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.

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