Iamgold Corporation (NYSE:IAG) Shares Sold by Mackenzie Financial Corp

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 cut its position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 47.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,686,217 shares of the mining company's stock after selling 2,437,539 shares during the quarter. Mackenzie Financial Corp owned approximately 0.47% of Iamgold worth $16,762,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IAG. Cambridge Investment Research Advisors Inc. acquired a new position in Iamgold in the 1st quarter worth approximately $647,000. Ritholtz Wealth Management acquired a new position in Iamgold in the 1st quarter worth approximately $94,000. Cerity Partners LLC increased its holdings in Iamgold by 28.0% in the 1st quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock worth $470,000 after buying an additional 16,475 shares during the period. Franklin Resources Inc. increased its holdings in Iamgold by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock worth $187,000 after buying an additional 1,836 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Iamgold by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock worth $1,435,000 after buying an additional 10,468 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Stock Performance

Shares of NYSE:IAG traded up $0.34 during trading on Monday, reaching $7.20. The company had a trading volume of 5,049,995 shares, compared to its average volume of 14,190,574. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 5.10, a price-to-earnings-growth ratio of 0.21 and a beta of 1.08. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.41 and a quick ratio of 0.83. The stock's fifty day moving average price is $7.20 and its 200 day moving average price is $6.65. Iamgold Corporation has a fifty-two week low of $3.44 and a fifty-two week high of $8.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results 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 return on equity of 9.26% and a net margin of 45.42%. The business had revenue of $457.23 million for the quarter, compared to analyst estimates of $578.70 million. As a group, equities research analysts predict that Iamgold Corporation will post 0.67 EPS for the current year.

Analyst Ratings Changes

IAG has been the topic of several research reports. Raymond James Financial upgraded shares of Iamgold to a "hold" rating and set a $8.00 price target on the stock in a report on Monday, June 30th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. CIBC reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Scotiabank increased their target price on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Finally, BMO Capital Markets started coverage on Iamgold in a research report on Wednesday, April 16th. They set an "outperform" rating on the stock. Four equities research 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. According to MarketBeat, Iamgold currently has an average rating of "Moderate Buy" and an average target price of $8.53.

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.