Polar Asset Management Partners Inc. Lowers Stock Holdings in Iamgold Corporation $IAG

Key Points

• Polar Asset Management Partners Inc. significantly reduced its stake in Iamgold Corporation by 77.9%, selling 879,995 shares during the first quarter, leaving them with 250,000 shares valued at $1,562,000.
• Research analysts have given Iamgold an average rating of "Moderate Buy" with a price target of $8.53, although the company recently reported earnings that missed estimates.
• Various institutional investors have recently acquired positions in Iamgold, indicating ongoing interest in the stock despite its recent challenges, with institutional ownership at 47.08%.

Polar Asset Management Partners Inc. decreased its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 77.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 250,000 shares of the mining company's stock after selling 879,995 shares during the period. Polar Asset Management Partners Inc.'s holdings in Iamgold were worth $1,562,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in IAG. T. Rowe Price Investment Management Inc. purchased a new stake in Iamgold during the first quarter valued at about $45,911,000. Millennium Management LLC grew its stake 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 valued at $53,307,000 after buying an additional 4,846,254 shares during the last quarter. Nuveen LLC bought a new position in shares of Iamgold during the first quarter valued at about $20,620,000. Anson Funds Management LP grew its stake in shares of Iamgold by 2,100.0% during the first quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company's stock valued at $20,598,000 after buying an additional 3,150,000 shares during the last quarter. Finally, Ninety One UK Ltd bought a new position in shares of Iamgold during the first quarter valued at about $14,678,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Trading Up 1.2%

Shares of NYSE IAG traded up $0.14 during trading hours on Thursday, hitting $11.05. The company's stock had a trading volume of 11,943,389 shares, compared to its average volume of 13,928,063. 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 market cap of $6.35 billion, a price-to-earnings ratio of 7.95, a P/E/G ratio of 0.33 and a beta of 1.21. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $11.31. The business has a 50-day simple moving average of $7.98 and a 200-day simple moving average of $7.13.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, analysts anticipate that Iamgold Corporation will post 0.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IAG. 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. Royal Bank Of Canada raised Iamgold from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from $9.00 to $14.00 in a research note on Wednesday. CIBC reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. Finally, Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $10.13.

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.