Iamgold Corporation (NYSE:IAG) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. cut its position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 29.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,922,153 shares of the mining company's stock after selling 811,297 shares during the period. Intact Investment Management Inc. owned about 0.33% of Iamgold worth $11,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in IAG. Ritholtz Wealth Management purchased a new position in Iamgold in the first quarter worth about $94,000. Atria Wealth Solutions Inc. purchased a new position in shares of Iamgold in the 4th quarter valued at $68,000. Franklin Resources Inc. boosted its position in shares of Iamgold by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock worth $187,000 after purchasing an additional 1,836 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Iamgold by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after purchasing an additional 10,468 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Iamgold during the 4th quarter worth $107,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IAG shares. National Bank Financial raised Iamgold to a "strong-buy" rating in a report on Friday, March 21st. Raymond James Financial reissued a "market perform" rating and set a $8.00 target price on shares of Iamgold in a research report on Friday, April 4th. BMO Capital Markets started coverage on shares of Iamgold in a research note on Wednesday, April 16th. They set an "outperform" rating for the company. CIBC boosted their price objective on Iamgold from $8.40 to $9.20 and gave the company an "outperformer" rating in a report on Thursday, May 8th. Finally, Wall Street Zen lowered Iamgold from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.29.

Iamgold Price Performance

IAG traded up $0.08 during midday trading on Wednesday, hitting $7.33. 15,887,294 shares of the company traded hands, compared to its average volume of 11,351,247. The business has a 50 day simple moving average of $7.11 and a two-hundred day simple moving average of $6.30. Iamgold Corporation has a 52-week low of $3.44 and a 52-week high of $8.38. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 5.20, a PEG ratio of 0.37 and a beta of 1.15. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.29.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $457.23 million for the quarter, compared to analysts' expectations of $578.70 million. Iamgold had a return on equity of 9.26% and a net margin of 45.42%. On average, equities analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

About Iamgold

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.