Iamgold Corporation $IAG Shares Purchased by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its IAMGOLD stake by 82% in the first quarter, acquiring 262,264 additional shares for a total of 582,271 shares valued at approximately $11.0 million. Institutional investors and hedge funds collectively own 47.08% of the company.
• IAMGOLD reported quarterly earnings of $0.66 per share, beating the $0.52 analyst consensus, while revenue reached $1.01 billion versus expectations of $955.17 million.
• The stock opened at $14.15 after declining 2.8%, below its 52-week high of $24.87. Analysts maintain a “Moderate Buy” consensus with an average price target of $19.00, though several firms recently lowered their targets.

First Trust Advisors LP increased its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 82.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 582,271 shares of the mining company's stock after acquiring an additional 262,264 shares during the quarter. First Trust Advisors LP owned approximately 0.10% of Iamgold worth $10,952,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Banque Transatlantique SA purchased a new stake in shares of Iamgold during the second quarter worth about $26,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Iamgold during the 4th quarter worth about $30,000. Global Retirement Partners LLC purchased a new position in Iamgold in the 4th quarter valued at about $33,000. FNY Investment Advisers LLC purchased a new position in Iamgold in the 4th quarter valued at about $38,000. Finally, LOM Asset Management Ltd acquired a new stake in Iamgold in the 4th quarter worth about $49,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Iamgold Stock Down 2.8%

Shares of IAG opened at $14.15 on Friday. Iamgold Corporation has a 52-week low of $6.70 and a 52-week high of $24.87. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. The stock has a fifty day simple moving average of $15.85 and a two-hundred day simple moving average of $18.15. The company has a market capitalization of $8.13 billion, a PE ratio of 8.23, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $955.17 million. As a group, equities analysts forecast that Iamgold Corporation will post 1.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Scotiabank lowered their price target on Iamgold from $25.00 to $22.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 14th. Bank of America dropped their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Wall Street Zen downgraded Iamgold from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Royal Bank Of Canada decreased their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Iamgold presently has an average rating of "Moderate Buy" and a consensus price target of $19.00.

About Iamgold

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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