Mackenzie Financial Corp Cuts Stake in Iamgold Corporation (NYSE:IAG)

Key Points

• Mackenzie Financial Corp reduced its holdings in Iamgold Corporation by 47.6%, owning approximately $16.76 million worth of 2,686,217 shares after selling 2,437,539 shares in the first quarter.
• Analysts have provided a consensus rating of "Moderate Buy" for Iamgold, with an average price target of $8.53, following various ratings upgrades by notable research firms.
• Iamgold's recent earnings report showed an EPS of $0.10, meeting analysts' expectations, but revenue of $457.23 million fell short of the anticipated $578.70 million.

Mackenzie Financial Corp lowered its holdings in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 47.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,686,217 shares of the mining company's stock after selling 2,437,539 shares during the period. Mackenzie Financial Corp owned approximately 0.47% of Iamgold worth $16,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in Iamgold by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock worth $187,000 after acquiring an additional 1,836 shares during the period. Freedom Investment Management Inc. increased its holdings in Iamgold by 4.2% during the 4th quarter. Freedom Investment Management Inc. now owns 108,747 shares of the mining company's stock worth $561,000 after acquiring an additional 4,399 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Iamgold by 0.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company's stock worth $3,099,000 after acquiring an additional 5,053 shares during the period. Scotia Capital Inc. increased its holdings in Iamgold by 7.4% during the 4th quarter. Scotia Capital Inc. now owns 95,612 shares of the mining company's stock worth $493,000 after acquiring an additional 6,595 shares during the period. Finally, Tudor Investment Corp ET AL increased its holdings in Iamgold by 63.3% during the 4th quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock worth $98,000 after acquiring an additional 7,359 shares during the period. Institutional investors own 47.08% of the company's stock.

Analyst Ratings Changes

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

Iamgold Price Performance

IAG stock traded up $0.09 during midday trading on Friday, reaching $6.85. The company had a trading volume of 13,175,042 shares, compared to its average volume of 12,154,517. Iamgold Corporation has a 1 year low of $3.44 and a 1 year high of $8.38. The company has a market capitalization of $3.94 billion, a P/E ratio of 4.86, a P/E/G ratio of 0.21 and a beta of 1.08. The firm has a 50-day moving average price of $7.20 and a 200-day moving average price of $6.62. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.10. Iamgold had a net margin of 45.42% and a return on equity of 9.26%. The company had revenue of $457.23 million during the quarter, compared to analysts' expectations of $578.70 million. On average, research analysts anticipate 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.