Nuveen LLC Makes New Investment in Iamgold Corporation $IAG

Key Points

• Nuveen LLC purchased over 3.3 million shares of Iamgold Corporation, valued at approximately $20.6 million, marking a new investment in the company.
• Following several hedge fund maneuvers, institutional investors now own 47.08% of Iamgold's stock.
• Iamgold missed earnings expectations, reporting $0.13 earnings per share for the quarter, below the consensus estimate of $0.14.

Nuveen LLC bought a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,304,861 shares of the mining company's stock, valued at approximately $20,620,000. Nuveen LLC owned 0.57% of Iamgold at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Alpha Omega Wealth Management LLC bought a new stake in shares of Iamgold during the first quarter valued at approximately $75,000. Avantax Advisory Services Inc. bought a new stake in shares of Iamgold during the first quarter valued at approximately $86,000. Ritholtz Wealth Management bought a new stake in shares of Iamgold during the first quarter valued at approximately $94,000. Tudor Investment Corp ET AL raised its stake in shares of Iamgold by 63.3% during the fourth quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock valued at $98,000 after acquiring an additional 7,359 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Iamgold during the fourth quarter valued at approximately $107,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Stock Up 0.8%

NYSE:IAG traded up $0.07 during trading hours on Monday, reaching $8.84. The company's stock had a trading volume of 6,137,179 shares, compared to its average volume of 12,893,680. The company has a market capitalization of $5.08 billion, a P/E ratio of 6.36, a price-to-earnings-growth ratio of 0.29 and a beta of 1.08. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $8.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The stock has a 50 day moving average price of $7.44 and a two-hundred day moving average price of $6.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The business had revenue of $587.21 million during the quarter, compared to the consensus estimate of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. Equities analysts predict that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IAG has been the subject of several research analyst reports. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. 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 research note on Monday, May 12th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Finally, Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 price objective for the company in a research note on Monday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Iamgold currently has an average rating of "Moderate Buy" and a consensus target price of $8.53.

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.