NewGen Asset Management Ltd Purchases New Stake in IAMGOLD Co. (NYSE:IAG)

NewGen Asset Management Ltd purchased a new stake in IAMGOLD Co. (NYSE:IAG - Free Report) TSE: IMG in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,450,000 shares of the mining company's stock, valued at approximately $9,062,000. IAMGOLD makes up about 5.9% of NewGen Asset Management Ltd's portfolio, making the stock its 3rd largest position. NewGen Asset Management Ltd owned about 0.25% of IAMGOLD as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Alpha Omega Wealth Management LLC bought a new position in shares of IAMGOLD during the 1st quarter worth about $75,000. PKO Investment Management Joint Stock Co acquired a new position in IAMGOLD in the fourth quarter worth about $1,241,000. Polar Asset Management Partners Inc. bought a new position in IAMGOLD during the fourth quarter worth about $5,832,000. Mackenzie Financial Corp boosted its holdings in IAMGOLD by 7.1% during the fourth quarter. Mackenzie Financial Corp now owns 5,123,756 shares of the mining company's stock valued at $26,456,000 after purchasing an additional 338,297 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of IAMGOLD by 0.8% in 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 valued at $3,099,000 after purchasing an additional 5,053 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

IAMGOLD Price Performance

NYSE IAG traded up $0.09 on Friday, hitting $7.63. 17,773,840 shares of the company were exchanged, compared to its average volume of 11,089,598. The firm has a 50 day moving average of $7.03 and a two-hundred day moving average of $6.20. The company has a market cap of $4.39 billion, a P/E ratio of 5.26 and a beta of 1.15. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. IAMGOLD Co. has a 1-year low of $3.44 and a 1-year high of $8.38.

IAMGOLD (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates of $0.10. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The company had revenue of $457.23 million during the quarter, compared to the consensus estimate of $578.70 million. On average, equities analysts predict that IAMGOLD Co. will post 0.67 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on IAG. Raymond James restated a "market perform" rating and set a $8.00 target price on shares of IAMGOLD in a research report on Friday, April 4th. National Bank Financial raised IAMGOLD to a "strong-buy" rating in a report on Friday, March 21st. CIBC boosted their target price on shares of IAMGOLD from $8.40 to $9.20 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. Scotiabank increased their target price on shares of IAMGOLD from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Finally, BMO Capital Markets began coverage on shares of IAMGOLD in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $8.29.

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.