Louisbourg Investments Inc. Sells 43,600 Shares of Iamgold Corporation $IAG

Key Points

• Louisbourg Investments Inc. has reduced its stake in Iamgold Corporation by 8.8%, selling 43,600 shares and now holding a total of 454,200 shares valued at approximately $3.34 million.
• IAG reported a missed earnings expectation, with earnings per share of $0.13 against a forecast of $0.14, and revenues of $587.21 million compared to expectations of $663.21 million.
• The stock has a consensus rating of "Moderate Buy" from analysts, with a target price average of $12.85, following recent upgrades and downgrades from various financial institutions.

Louisbourg Investments Inc. reduced its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 8.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,200 shares of the mining company's stock after selling 43,600 shares during the period. Louisbourg Investments Inc. owned 0.08% of Iamgold worth $3,339,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IAG. Parallel Advisors LLC boosted its stake in shares of Iamgold by 272.9% during the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after purchasing an additional 2,623 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Iamgold during the first quarter valued at approximately $35,000. Avantax Advisory Services Inc. purchased a new stake in Iamgold during the first quarter valued at approximately $86,000. Vident Advisory LLC purchased a new stake in Iamgold during the first quarter valued at approximately $92,000. Finally, Ritholtz Wealth Management purchased a new stake in Iamgold during the first quarter valued at approximately $94,000. 47.08% of the stock is currently owned by institutional investors.

Iamgold Price Performance

Shares of IAG stock opened at $12.69 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The firm's 50-day moving average is $10.24 and its two-hundred day moving average is $8.11. Iamgold Corporation has a 12 month low of $4.64 and a 12 month high of $13.99. The company has a market capitalization of $7.30 billion, a PE ratio of 9.13, a price-to-earnings-growth ratio of 0.43 and a beta of 1.24.

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 (EPS) 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 analysts' expectations of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. Analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IAG has been the subject of a number of analyst reports. Zacks Research cut shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Raymond James Financial increased their target price on shares of Iamgold from $9.00 to $13.00 and gave the company a "market perform" rating in a research report on Friday. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research note on Wednesday. Finally, Royal Bank Of Canada upgraded shares of Iamgold from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $9.00 to $14.00 in a research note on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Iamgold has a consensus rating of "Moderate Buy" and an average target price of $12.85.

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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