Ninepoint Partners LP Purchases New Holdings in Iamgold Corporation (NYSE:IAG)

Ninepoint Partners LP bought a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 418,900 shares of the mining company's stock, valued at approximately $2,618,000. Iamgold makes up approximately 0.4% of Ninepoint Partners LP's investment portfolio, making the stock its 28th largest position. Ninepoint Partners LP owned about 0.07% of Iamgold as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Cambridge Investment Research Advisors Inc. bought a new stake in Iamgold during the first quarter valued at $647,000. Ritholtz Wealth Management bought a new stake in Iamgold in the 1st quarter valued at about $94,000. Franklin Resources Inc. raised its holdings in shares of Iamgold by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 36,156 shares of the mining company's stock valued at $187,000 after buying an additional 1,836 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Iamgold by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock valued at $1,435,000 after purchasing an additional 10,468 shares during the period. Finally, Cerity Partners LLC increased its stake in Iamgold by 28.0% during the 1st quarter. Cerity Partners LLC now owns 75,250 shares of the mining company's stock valued at $470,000 after buying an additional 16,475 shares during the period. Institutional investors own 47.08% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. BMO Capital Markets assumed coverage on Iamgold in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price on the stock in a research note on Monday, June 30th. CIBC reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Scotiabank boosted their price objective 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. Four equities 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.53.

Iamgold Stock Down 0.4%

Shares of IAG traded down $0.03 during mid-day trading on Friday, hitting $7.03. 15,133,411 shares of the company's stock were exchanged, compared to its average volume of 12,562,073. Iamgold Corporation has a 52 week low of $3.44 and a 52 week high of $8.38. The company has a 50-day simple moving average of $7.18 and a 200 day simple moving average of $6.59. The company has a market cap of $4.04 billion, a PE ratio of 4.98, a P/E/G ratio of 0.34 and a beta of 1.15. 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 released its 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. 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. On average, research analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

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.