Intact Investment Management Inc. Sells 539,160 Shares of Iamgold Corporation $IAG

Key Points

• Intact Investment Management cut its stake in Iamgold by 33.4%, selling 539,160 shares in Q4 and now holds 1,072,681 shares (about 0.18% of the company) valued at $17.7 million.
• Iamgold beat Q4 EPS estimates ($0.70 vs. $0.55) and trades with a market cap of $9.62 billion; analysts' consensus is a Moderate Buy with an average price target of $17.75, while Scotiabank raised its target to $25.
• Institutional investors own roughly 47.08% of the stock, led by Vanguard's 23.84 million shares (≈$393.3M), and insider Director David Stewart Smith disclosed a sale of 31,000 shares.

Intact Investment Management Inc. cut its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 33.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,072,681 shares of the mining company's stock after selling 539,160 shares during the quarter. Intact Investment Management Inc. owned about 0.18% of Iamgold worth $17,701,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. PKO Investment Management Joint Stock Co boosted its position in shares of Iamgold by 42.1% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company's stock valued at $4,464,000 after purchasing an additional 80,000 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Iamgold by 137.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 28,710 shares of the mining company's stock worth $473,000 after acquiring an additional 16,625 shares in the last quarter. Precision Wealth Strategies LLC bought a new stake in Iamgold in the fourth quarter worth $202,000. Pictet Asset Management Holding SA boosted its holdings in Iamgold by 7.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 106,882 shares of the mining company's stock worth $1,766,000 after acquiring an additional 7,421 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock worth $393,328,000 after acquiring an additional 1,068,465 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Iamgold in a report on Tuesday, April 21st. Wall Street Zen raised Iamgold from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. TD Securities reissued a "buy" rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Scotiabank boosted their target price on Iamgold to $25.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $17.75.

Iamgold Trading Down 0.0%

Shares of NYSE:IAG opened at $16.58 on Monday. The company has a market cap of $9.62 billion, a P/E ratio of 14.42, a PEG ratio of 0.85 and a beta of 1.26. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. Iamgold Corporation has a 1 year low of $6.06 and a 1 year high of $24.87. The stock's fifty day moving average price is $19.58 and its 200-day moving average price is $17.42.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. Sell-side analysts expect that Iamgold Corporation will post 2.18 earnings per share for the current year.

Insider Activity

In other news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at $657,400. This represents a 60.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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