Ninety One UK Ltd Buys New Holdings in Iamgold Corporation (NYSE:IAG)

Ninety One UK Ltd acquired a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,348,523 shares of the mining company's stock, valued at approximately $14,678,000. Ninety One UK Ltd owned 0.41% of Iamgold as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RCF Management L.L.C. purchased a new position in shares of Iamgold during the fourth quarter worth about $128,174,000. Millennium Management LLC grew its holdings in shares of Iamgold by 88.4% during the fourth quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock worth $53,307,000 after purchasing an additional 4,846,254 shares in the last quarter. Invesco Ltd. boosted its stake in Iamgold by 41.6% in the fourth quarter. Invesco Ltd. now owns 7,139,935 shares of the mining company's stock worth $36,842,000 after buying an additional 2,098,215 shares in the last quarter. American Century Companies Inc. boosted its stake in Iamgold by 25.9% in the fourth quarter. American Century Companies Inc. now owns 10,162,314 shares of the mining company's stock worth $52,499,000 after buying an additional 2,092,803 shares in the last quarter. Finally, Intact Investment Management Inc. boosted its stake in Iamgold by 158.4% in the fourth quarter. Intact Investment Management Inc. now owns 2,733,450 shares of the mining company's stock worth $14,127,000 after buying an additional 1,675,440 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IAG has been the subject of several recent research reports. CIBC boosted 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. National Bank Financial upgraded Iamgold to a "strong-buy" rating in a research report on Friday, March 21st. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 target price for the company in a report on Monday, June 30th. Scotiabank upped their target price on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. Finally, BMO Capital Markets initiated coverage on Iamgold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Four equities research analysts have rated the stock with a hold rating, four have issued 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 a consensus rating of "Moderate Buy" and a consensus price target of $8.29.

Iamgold Stock Up 1.4%

IAG traded up $0.10 during trading on Friday, reaching $7.05. The stock had a trading volume of 9,792,423 shares, compared to its average volume of 11,626,776. The stock's 50 day moving average is $7.08 and its two-hundred day moving average is $6.47. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 5.00, a P/E/G ratio of 0.36 and a beta of 1.15. Iamgold Corporation has a one year low of $3.44 and a one year high of $8.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $578.70 million. As a group, analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current year.

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.