Iamgold Corporation $IAG Stock Holdings Boosted by Sprott Inc.

Key Points

• Sprott Inc. increased its holdings in Iamgold Corporation by 5.1%, owning approximately 5,952,037 shares valued at $37.2 million, making it the company's 12th largest shareholder.
• Despite a miss in earnings with $0.13 per share compared to estimates of $0.14, Iamgold reported revenue of $587.21 million, falling short of analyst expectations of $663.21 million.
• The stock has received mixed ratings from analysts, with a current consensus rating of "Moderate Buy" and an average price target of $8.53.

Sprott Inc. raised its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 5.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,952,037 shares of the mining company's stock after purchasing an additional 287,710 shares during the quarter. Iamgold comprises 2.0% of Sprott Inc.'s portfolio, making the stock its 12th largest holding. Sprott Inc. owned about 1.04% of Iamgold worth $37,196,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of IAG. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Iamgold in the first quarter valued at $45,911,000. Millennium Management LLC increased its position in Iamgold by 88.4% during the fourth quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock worth $53,307,000 after buying an additional 4,846,254 shares during the last quarter. Nuveen LLC acquired a new position in Iamgold during the first quarter worth $20,620,000. Ninety One UK Ltd acquired a new position in Iamgold during the first quarter worth $14,678,000. Finally, American Century Companies Inc. grew its position in shares of Iamgold by 19.0% in the first quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company's stock valued at $75,489,000 after purchasing an additional 1,929,787 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 target price on the stock in a research report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Zacks Research lowered shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Scotiabank boosted their price target on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Iamgold presently has a consensus rating of "Moderate Buy" and an average target price of $8.53.

Iamgold Stock Performance

NYSE IAG opened at $8.4650 on Friday. Iamgold Corporation has a 1 year low of $4.44 and a 1 year high of $8.58. 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 firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 6.09, a P/E/G ratio of 0.27 and a beta of 1.08. The firm's 50 day simple moving average is $7.39 and its 200 day simple moving average is $6.83.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The company had revenue of $587.21 million during the quarter, compared to analyst estimates of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. As a group, research analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Iamgold Profile

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.

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