Iamgold Corporation $IAG Shares Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its Iamgold stake by 63.9% in the first quarter, acquiring 1.75 million additional shares and bringing its holdings to 4.49 million shares, worth approximately $84.5 million.
• Institutional ownership remains significant at 47.08%, with several other funds—including Rathbones Group, FIL Ltd., and Voloridge Investment Management—also reporting substantial increases in their positions.
• Analyst sentiment is still positive but has softened, with Iamgold holding a “Moderate Buy” consensus rating and an average price target of $19.00, compared with the stock’s reported opening price of $13.91.

The Manufacturers Life Insurance Company boosted its holdings in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 63.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,493,731 shares of the mining company's stock after purchasing an additional 1,752,377 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.78% of Iamgold worth $84,472,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Rathbones Group PLC boosted its stake in shares of Iamgold by 1,037,042.8% during the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd increased its position in 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 acquiring an additional 20,134,496 shares during the period. Voloridge Investment Management LLC increased its position in Iamgold by 261.8% in the 4th quarter. Voloridge Investment Management LLC now owns 3,502,469 shares of the mining company's stock valued at $57,756,000 after acquiring an additional 2,534,395 shares during the period. Verition Fund Management LLC raised its stake in Iamgold by 649.4% during the 3rd quarter. Verition Fund Management LLC now owns 2,315,665 shares of the mining company's stock valued at $29,942,000 after acquiring an additional 2,006,672 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Iamgold by 16.4% during the 3rd quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock worth $144,745,000 after acquiring an additional 1,581,064 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Iamgold Price Performance

Shares of IAG opened at $13.91 on Thursday. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The stock's 50 day moving average is $15.95 and its two-hundred day moving average is $18.19. Iamgold Corporation has a twelve month low of $6.69 and a twelve month high of $24.87. The firm has a market capitalization of $7.99 billion, a PE ratio of 8.09, a P/E/G ratio of 0.63 and a beta of 1.30.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its 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 business had revenue of $1.01 billion during 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%. Research analysts anticipate that Iamgold Corporation will post 1.98 earnings per share for the current year.

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.

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