MGO One Seven LLC Makes New Investment in Iamgold Corporation $IAG

Key Points

• MGO One Seven LLC invested approximately $219,000 in Iamgold Corporation, acquiring 29,795 shares during the 2nd quarter.
• Several institutional investors have increased their stakes in Iamgold, with U S Global Investors raising its position by 150.0% and Amundi increasing by 55.7% in the first quarter.
• Iamgold received positive ratings from analysts, with Raymond James Financial raising its target price to $13.00 and multiple firms rating it as a "Buy" or "Outperform."

MGO One Seven LLC bought a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 29,795 shares of the mining company's stock, valued at approximately $219,000.

Other large investors also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Iamgold during the first quarter worth $647,000. Mudita Advisors LLP increased its position in shares of Iamgold by 41.1% during the first quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company's stock worth $13,002,000 after buying an additional 606,795 shares during the period. U S Global Investors Inc. increased its position in shares of Iamgold by 150.0% during the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company's stock worth $3,675,000 after buying an additional 300,000 shares during the period. Cerity Partners LLC increased its position in shares of Iamgold by 28.0% during the first 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. Finally, Amundi increased its position in shares of Iamgold by 55.7% during the first quarter. Amundi now owns 5,343,801 shares of the mining company's stock worth $34,895,000 after buying an additional 1,911,840 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IAG. Weiss Ratings reiterated a "buy (b)" rating on shares of Iamgold in a research report on Wednesday, October 8th. Raymond James Financial increased their target price on shares of Iamgold from $9.00 to $13.00 and gave the stock a "market perform" rating in a research note on Friday, October 10th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. CIBC increased their target price on shares of Iamgold from $10.40 to $19.00 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Finally, Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $9.00 to $14.00 in a research note on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Iamgold currently has a consensus rating of "Moderate Buy" and an average target price of $12.85.

Iamgold Stock Up 2.2%

Iamgold stock opened at $13.65 on Tuesday. Iamgold Corporation has a 1-year low of $4.89 and a 1-year high of $14.67. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.48 and a beta of 1.24. The firm's fifty day moving average price is $11.00 and its two-hundred day moving average price is $8.46. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data 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 net margin of 40.61% and a return on equity of 8.54%. The business had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. On average, equities research analysts predict 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.

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