Invesco Ltd. Acquires 1,396,354 Shares of Iamgold Corporation $IAG

Key Points

• Invesco Ltd. increased its stake in Iamgold Corporation by 19.6% in the first quarter, now owning 8,536,289 shares valued at approximately $53 million.
• Iamgold reported earnings of $0.13 per share for the last quarter, missing expectations, with revenue at $587.21 million compared to the estimated $663.21 million.
• Research analysts have given Iamgold an average rating of "Moderate Buy" with a consensus price target of $8.53, reflecting mixed sentiments on future performance.

Invesco Ltd. boosted its holdings in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 19.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,536,289 shares of the mining company's stock after purchasing an additional 1,396,354 shares during the quarter. Invesco Ltd. owned 1.48% of Iamgold worth $53,352,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of IAG. Alpha Omega Wealth Management LLC bought a new position in Iamgold in the 1st quarter valued at about $75,000. Avantax Advisory Services Inc. bought a new position in Iamgold in the 1st quarter valued at about $86,000. Ritholtz Wealth Management bought a new position in Iamgold in the 1st quarter valued at about $94,000. Tudor Investment Corp ET AL increased its holdings in Iamgold by 63.3% in the 4th quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock valued at $98,000 after buying an additional 7,359 shares during the period. Finally, Golden State Equity Partners bought a new position in Iamgold in the 1st quarter valued at about $125,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Price Performance

Shares of Iamgold stock traded up $0.2850 during midday trading on Friday, hitting $8.7450. 4,235,104 shares of the company traded hands, compared to its average volume of 14,126,386. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 6.30, a PEG ratio of 0.27 and a beta of 1.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The firm's fifty day moving average price is $7.39 and its 200-day moving average price is $6.83. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $8.79.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced 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). Iamgold had a net margin of 40.61% and a return on equity of 8.54%. The company had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. As a group, sell-side analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

IAG has been the topic of several recent analyst reports. Scotiabank raised their target price on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. CIBC reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price on the stock in a report on Monday, June 30th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Iamgold presently has an average rating of "Moderate Buy" and an average price target of $8.53.

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.