Iamgold Corporation $IAG Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp boosted its Iamgold stake by 46.9% in Q3, buying 3,567,399 shares to hold 11,181,693 shares (about 1.94% of the company) valued at approximately $144.43 million.
• Iamgold posted an EPS beat of $0.70 vs. $0.55 and $1.08B in revenue; the company has a $12.85B market cap and enjoys a consensus "Buy" rating with an average target price of $17.75 after several analyst upgrades.

Mackenzie Financial Corp boosted its holdings in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 46.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,181,693 shares of the mining company's stock after purchasing an additional 3,567,399 shares during the quarter. Mackenzie Financial Corp owned approximately 1.94% of Iamgold worth $144,430,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in IAG. Dynamic Technology Lab Private Ltd acquired a new stake in Iamgold in the second quarter worth $550,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Iamgold by 28.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company's stock valued at $7,602,000 after acquiring an additional 130,400 shares during the period. Waratah Capital Advisors Ltd. bought a new position in shares of Iamgold during the second quarter worth about $1,868,000. Allspring Global Investments Holdings LLC grew its position in shares of Iamgold by 33.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company's stock worth $45,318,000 after acquiring an additional 878,000 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd acquired a new stake in shares of Iamgold in the 2nd quarter worth about $1,311,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Stock Performance

IAG stock opened at $21.79 on Thursday. The company has a 50-day simple moving average of $20.22 and a 200 day simple moving average of $15.62. The company has a market capitalization of $12.85 billion, a P/E ratio of 18.95, a PEG ratio of 1.76 and a beta of 1.33. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. Iamgold Corporation has a fifty-two week low of $5.35 and a fifty-two week high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. Sell-side analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Iamgold in a research report on Wednesday, February 4th. Scotiabank upped their target price on shares of Iamgold to $25.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. TD Securities reaffirmed a "buy" rating on shares of Iamgold in a report on Thursday, February 19th. Wall Street Zen upgraded Iamgold from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Finally, Zacks Research raised Iamgold from a "hold" rating to a "strong-buy" rating in a report on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $17.75.

Insider Activity at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of the business's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director owned 20,000 shares of the company's stock, valued at $657,400. The trade was a 60.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

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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