NewGen Asset Management Ltd Makes New $9.06 Million Investment in IAMGOLD Co. (NYSE:IAG)

NewGen Asset Management Ltd bought a new position in IAMGOLD Co. (NYSE:IAG - Free Report) TSE: IMG during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,450,000 shares of the mining company's stock, valued at approximately $9,062,000. IAMGOLD comprises 5.9% of NewGen Asset Management Ltd's investment 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 institutional investors and hedge funds have also recently made changes to their positions in the company. Alpha Omega Wealth Management LLC bought a new position in shares of IAMGOLD in the first quarter worth approximately $75,000. PKO Investment Management Joint Stock Co bought a new position in shares of IAMGOLD in the fourth quarter worth approximately $1,241,000. Polar Asset Management Partners Inc. bought a new position in shares of IAMGOLD in the fourth quarter worth approximately $5,832,000. Mackenzie Financial Corp boosted its holdings in IAMGOLD by 7.1% in the fourth quarter. Mackenzie Financial Corp now owns 5,123,756 shares of the mining company's stock valued at $26,456,000 after acquiring an additional 338,297 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in IAMGOLD by 0.8% in the fourth 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 acquiring an additional 5,053 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

IAMGOLD Stock Up 1.1%

Shares of IAG traded up $0.09 during trading hours on Friday, hitting $7.63. The company had a trading volume of 17,773,840 shares, compared to its average volume of 11,096,375. The firm has a fifty day moving average price of $7.03 and a 200-day moving average price of $6.21. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 5.26 and a beta of 1.15. IAMGOLD Co. has a 52-week low of $3.44 and a 52-week high of $8.38.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on IAG shares. Scotiabank lifted their price target on shares of IAMGOLD from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. National Bank Financial raised IAMGOLD to a "strong-buy" rating in a research report on Friday, March 21st. CIBC raised their price objective on IAMGOLD from $8.40 to $9.20 and gave the company an "outperformer" rating in a research report on Thursday, May 8th. Raymond James reissued a "market perform" rating and set a $8.00 price objective on shares of IAMGOLD in a research report on Friday, April 4th. Finally, Wall Street Zen lowered IAMGOLD from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, IAMGOLD currently has an average rating of "Moderate Buy" and a consensus price target of $8.29.

IAMGOLD Company 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.