Ninety One UK Ltd Acquires Shares of 2,348,523 Iamgold Corporation (NYSE:IAG)

Ninety One UK Ltd purchased a new position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Donald Smith & CO. Inc. increased its stake in shares of Iamgold by 0.7% during the fourth quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company's stock valued at $161,167,000 after buying an additional 216,751 shares during the period. RCF Management L.L.C. acquired a new stake in shares of Iamgold in the 4th quarter worth $128,174,000. Vanguard Group Inc. boosted its position in shares of Iamgold by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 21,232,871 shares of the mining company's stock worth $109,741,000 after purchasing an additional 321,458 shares in the last quarter. Millennium Management LLC grew its stake in Iamgold by 88.4% during the 4th quarter. Millennium Management LLC now owns 10,330,194 shares of the mining company's stock valued at $53,307,000 after purchasing an additional 4,846,254 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Iamgold by 25.9% during the 4th quarter. American Century Companies Inc. now owns 10,162,314 shares of the mining company's stock valued at $52,499,000 after purchasing an additional 2,092,803 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on IAG. Scotiabank increased their price target on Iamgold from $7.50 to $7.75 and gave the stock a "sector perform" rating in a research report on Monday, May 12th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price objective for the company in a research report on Monday, June 30th. CIBC raised their price target on Iamgold from $8.40 to $9.20 and gave the stock an "outperformer" rating in a research report on Thursday, May 8th. National Bank Financial upgraded Iamgold to a "strong-buy" rating in a report on Friday, March 21st. Finally, BMO Capital Markets started coverage on Iamgold in a report on Wednesday, April 16th. They issued an "outperform" rating for the company. Four analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.29.

Iamgold Stock Performance

Shares of IAG traded up $0.04 during midday trading on Wednesday, reaching $6.93. 14,192,210 shares of the stock were exchanged, compared to its average volume of 11,615,000. The business's 50-day moving average price is $7.08 and its 200 day moving average price is $6.43. 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 Corporation has a twelve month low of $3.44 and a twelve month high of $8.38. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 4.91, a PEG ratio of 0.38 and a beta of 1.15.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results on Tuesday, May 6th. The mining company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. Iamgold had a return on equity of 9.26% and a net margin of 45.42%. The firm had revenue of $457.23 million for the quarter, compared to analysts' expectations of $578.70 million. On average, sell-side analysts expect that Iamgold Corporation will post 0.67 EPS 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.