Iamgold Corporation $IAG Stake Raised by Amundi

Key Points

• Amundi increased its Iamgold stake by 2.2% in the second quarter, adding 76,545 shares to hold 3.57 million shares valued at approximately $56.6 million. Institutional investors collectively own 47.08% of the company.
• Iamgold reported quarterly earnings of $0.42 per share, matching analyst expectations, while revenue of $845.97 million fell short of the $882.92 million consensus estimate.
• The stock opened at $20.05, and analysts maintain a “Moderate Buy” consensus with an average price target of $21.33; recent ratings included upgrades and price-target changes ranging from $20 to $23.

Amundi raised its holdings in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,573,720 shares of the mining company's stock after acquiring an additional 76,545 shares during the quarter. Amundi owned approximately 0.62% of Iamgold worth $56,608,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Walleye Capital LLC purchased a new stake in shares of Iamgold during the second quarter worth $12,969,000. PenderFund Capital Management Ltd. purchased a new position in Iamgold in the second quarter valued at about $471,000. BlackRock Inc. purchased a new position in Iamgold in the second quarter valued at about $350,145,000. Bank of America Corp DE increased its position in Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company's stock worth $180,471,000 after purchasing an additional 434,188 shares during the last quarter. Finally, L1 Capital Pty Ltd increased its position in Iamgold by 961.5% in the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company's stock worth $20,647,000 after purchasing an additional 1,134,119 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Stock Performance

Shares of NYSE IAG opened at $20.05 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 1.09 and a beta of 1.40. The business's 50-day simple moving average is $17.45 and its 200-day simple moving average is $18.00. Iamgold Corporation has a 52 week low of $10.65 and a 52 week high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, equities research analysts expect that Iamgold Corporation will post 1.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Bank of America dropped their price objective on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Scotiabank lifted their target price on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. Royal Bank Of Canada decreased their target price on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Weiss Ratings restated a "buy (b-)" rating on shares of Iamgold in a research note on Friday, September 4th. Finally, Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Iamgold currently has a consensus rating of "Moderate Buy" and an average price target of $21.33.

Iamgold Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold's principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.