PCJ Investment Counsel Ltd. Grows Stake in Iamgold Corporation (NYSE:IAG)

Key Points

• PCJ Investment Counsel Ltd. increased its holdings in Iamgold Corporation by 161.1% in the first quarter, now owning 584,140 shares valued at approximately $3.65 million.
• Institutional investors own 47.08% of Iamgold's stock, reflecting increased interest from various large investors during the fourth quarter.
• Iamgold reported $0.13 earnings per share for the latest quarter, missing estimates, with revenues of $587.21 million, below the expected $663.21 million.

PCJ Investment Counsel Ltd. raised its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 161.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 584,140 shares of the mining company's stock after purchasing an additional 360,380 shares during the period. Iamgold accounts for 1.4% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 24th biggest holding. PCJ Investment Counsel Ltd. owned 0.10% of Iamgold worth $3,646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Iamgold by 1.7% in the first quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company's stock valued at $134,764,000 after purchasing an additional 361,608 shares in the last quarter. Millennium Management LLC increased its position in shares of 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 acquiring an additional 4,846,254 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Iamgold by 21.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,267,628 shares of the mining company's stock worth $47,818,000 after acquiring an additional 1,637,158 shares in the last quarter. Invesco Ltd. increased its position in shares of Iamgold by 41.6% during the fourth quarter. Invesco Ltd. now owns 7,139,935 shares of the mining company's stock worth $36,842,000 after acquiring an additional 2,098,215 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Iamgold by 13.2% during the fourth quarter. Bank of America Corp DE now owns 5,817,490 shares of the mining company's stock worth $30,018,000 after acquiring an additional 680,192 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

Iamgold Stock Down 2.7%

Iamgold stock traded down $0.21 during midday trading on Friday, hitting $7.51. 17,213,011 shares of the stock were exchanged, compared to its average volume of 12,658,915. Iamgold Corporation has a 52-week low of $3.86 and a 52-week high of $8.38. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 5.40, a price-to-earnings-growth ratio of 0.23 and a beta of 1.08. The business's 50-day moving average price is $7.28 and its 200-day moving average price is $6.71. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.29.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $587.21 million for the quarter, compared to analysts' expectations of $663.21 million. Iamgold had a return on equity of 8.57% and a net margin of 40.61%. On average, research analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on IAG. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. BMO Capital Markets began coverage on shares of Iamgold in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Scotiabank boosted their target price on shares of Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price for the company in a research report on Monday, June 30th. Finally, CIBC reissued an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $8.53.

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.