Iamgold Corporation (NYSE:IAG) Stake Decreased by Donald Smith & CO. Inc.

Key Points

• Donald Smith & CO. Inc. reduced its holdings in Iamgold Corporation by 7.8%, selling 2,428,570 shares and now owning approximately 4.4% of the company's stock.
• Several other hedge funds increased their positions in Iamgold, including Invesco Ltd. which lifted its stake by 19.6%, and PCJ Investment Counsel Ltd. which increased its position by 161.1%.
• Iamgold's recent quarterly earnings report showed an EPS of $0.13, missing analyst expectations, with revenue of $587.21 million, compared to the consensus estimate of $663.21 million.

Donald Smith & CO. Inc. reduced its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 7.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,805,304 shares of the mining company's stock after selling 2,428,570 shares during the quarter. Iamgold comprises about 4.4% of Donald Smith & CO. Inc.'s portfolio, making the stock its 4th biggest position. Donald Smith & CO. Inc. owned approximately 5.01% of Iamgold worth $180,033,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in IAG. Alpha Omega Wealth Management LLC acquired a new position in Iamgold during the 1st quarter worth approximately $75,000. Avantax Advisory Services Inc. acquired a new position in Iamgold during the 1st quarter worth approximately $86,000. Ritholtz Wealth Management purchased a new stake in shares of Iamgold in the first quarter worth approximately $94,000. Tudor Investment Corp ET AL lifted its holdings in shares of Iamgold by 63.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock valued at $98,000 after purchasing an additional 7,359 shares in the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Iamgold in the fourth quarter valued at approximately $101,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Trading Up 6.6%

NYSE:IAG traded up $0.50 during mid-day trading on Tuesday, reaching $8.05. 14,764,576 shares of the company's stock traded hands, compared to its average volume of 13,319,903. Iamgold Corporation has a 12-month low of $4.44 and a 12-month high of $8.38. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 5.79, a PEG ratio of 0.23 and a beta of 1.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.83. The company has a 50 day moving average price of $7.29 and a 200-day moving average price of $6.73.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted 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). Iamgold had a return on equity of 8.54% and a net margin of 40.61%. The firm had revenue of $587.21 million for the quarter, compared to analysts' expectations of $663.21 million. On average, sell-side analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on IAG shares. BMO Capital Markets started coverage on Iamgold in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 price target for the company in a research report on Monday, June 30th. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Finally, Scotiabank increased their price target on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.