Nuveen LLC Acquires Shares of 3,304,861 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 acquired a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,304,861 shares of the mining company's stock, valued at approximately $20,620,000. Nuveen LLC owned about 0.57% of Iamgold at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on IAG shares. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research note on Monday, June 30th. 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 note on Monday, May 12th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. CIBC restated an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Finally, Zacks Research downgraded Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $8.53.

Iamgold Stock Up 3.6%

NYSE:IAG traded up $0.3050 on Friday, reaching $8.7650. The stock had a trading volume of 11,630,230 shares, compared to its average volume of 13,068,465. The company has a 50-day moving average of $7.41 and a 200 day moving average of $6.84. The company has a current ratio of 1.47, a quick ratio of 0.76 and a debt-to-equity ratio of 0.31. The stock has a market cap of $5.04 billion, a P/E ratio of 6.31, a price-to-earnings-growth ratio of 0.28 and a beta of 1.08. Iamgold Corporation has a 12-month low of $4.44 and a 12-month high of $8.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). The business had revenue of $587.21 million for the quarter, compared to analysts' expectations of $663.21 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. On average, research analysts predict 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.