Iamgold Corporation $IAG Shares Acquired by Invesco Ltd.

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 position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 19.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,536,289 shares of the mining company's stock after acquiring an additional 1,396,354 shares during the quarter. Invesco Ltd. owned 1.48% of Iamgold worth $53,352,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new position in Iamgold in the first quarter valued at $647,000. Ritholtz Wealth Management acquired a new position in Iamgold in the first quarter valued at $94,000. Cerity Partners LLC lifted its stake in shares of Iamgold by 28.0% during the first quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock worth $470,000 after purchasing an additional 16,475 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Iamgold by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock worth $187,000 after purchasing an additional 1,836 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Iamgold by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after purchasing an additional 10,468 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Stock Up 3.5%

Iamgold stock traded up $0.2850 during midday trading on Thursday, hitting $8.4650. The stock had a trading volume of 8,229,125 shares, compared to its average volume of 14,173,436. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The stock has a market cap of $4.87 billion, a P/E ratio of 6.09, a P/E/G ratio of 0.25 and a beta of 1.08. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $8.58. The business has a fifty day moving average price of $7.37 and a 200 day moving average price of $6.81.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The company had revenue of $587.21 million for 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%. Research analysts predict that Iamgold Corporation will post 0.67 EPS for the current year.

Wall Street Analysts Forecast Growth

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