Iamgold Corporation $IAG Shares Acquired by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management boosted its Iamgold stake by 86.5% in the first quarter, buying 924,140 additional shares and bringing its total holdings to 1,993,050 shares worth about $37.5 million.
• Institutional ownership remains high, with hedge funds and other investors holding 47.08% of Iamgold shares; several firms, including Rathbones Group and FIL Ltd, also increased their positions sharply.
• Iamgold posted stronger-than-expected quarterly results, reporting EPS of $0.66 versus estimates of $0.52 and revenue of $1.01 billion, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $19.60.

Hillsdale Investment Management Inc. lifted its stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 86.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,993,050 shares of the mining company's stock after acquiring an additional 924,140 shares during the quarter. Iamgold accounts for about 1.0% of Hillsdale Investment Management Inc.'s portfolio, making the stock its 25th largest position. Hillsdale Investment Management Inc. owned 0.34% of Iamgold worth $37,471,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IAG. Rathbones Group PLC increased its holdings in Iamgold by 1,037,042.8% during the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock worth $6,907,694,000 after purchasing an additional 418,861,592 shares during the period. FIL Ltd boosted its stake in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock valued at $600,135,000 after buying an additional 20,134,496 shares during the period. Voloridge Investment Management LLC grew its position in shares of Iamgold by 261.8% during the fourth quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company's stock worth $57,756,000 after buying an additional 2,534,395 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Iamgold by 342.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,741,354 shares of the mining company's stock worth $45,333,000 after buying an additional 2,122,442 shares in the last quarter. Finally, Verition Fund Management LLC increased its stake in shares of Iamgold by 649.4% during the third quarter. Verition Fund Management LLC now owns 2,315,665 shares of the mining company's stock worth $29,942,000 after buying an additional 2,006,672 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Down 3.3%

Iamgold stock opened at $14.81 on Tuesday. The company has a market capitalization of $8.57 billion, a P/E ratio of 8.61, a PEG ratio of 0.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. Iamgold Corporation has a fifty-two week low of $6.69 and a fifty-two week high of $24.87. The stock has a 50-day simple moving average of $16.73 and a 200-day simple moving average of $18.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. Equities research analysts expect that Iamgold Corporation will post 2.07 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Bank of America reduced their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Royal Bank Of Canada lowered their price target on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. Finally, Weiss Ratings lowered shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $19.60.

Iamgold 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.

Want to see what other hedge funds are holding IAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.