Polar Asset Management Partners Inc. Sells 879,995 Shares of 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 stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 77.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 250,000 shares of the mining company's stock after selling 879,995 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Iamgold were worth $1,562,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in shares of Iamgold in the first quarter valued at approximately $35,000. Alpha Omega Wealth Management LLC acquired a new stake in shares of Iamgold in the first quarter valued at approximately $75,000. Avantax Advisory Services Inc. acquired a new stake in shares of Iamgold in the first quarter valued at approximately $86,000. Vident Advisory LLC acquired a new stake in shares of Iamgold in the first quarter valued at approximately $92,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Iamgold in the first quarter valued at approximately $94,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IAG shares. Royal Bank Of Canada raised Iamgold from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $9.00 to $14.00 in a report on Wednesday. Raymond James Financial raised Iamgold to a "hold" rating and set a $8.00 price target for the company in a report on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a report on Tuesday, June 24th. Zacks Research cut Iamgold from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, CIBC reaffirmed an "outperform" rating on shares of Iamgold in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Iamgold presently has a consensus rating of "Moderate Buy" and an average price target of $10.13.

Iamgold Trading Up 1.3%

IAG traded up $0.15 during midday trading on Friday, hitting $11.20. 6,170,871 shares of the company were exchanged, compared to its average volume of 13,901,796. The firm has a market capitalization of $6.44 billion, a P/E ratio of 8.04, a P/E/G ratio of 0.36 and a beta of 1.21. Iamgold Corporation has a 1-year low of $4.44 and a 1-year high of $11.36. The firm's 50 day moving average price is $8.05 and its 200-day moving average price is $7.17. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $663.21 million. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. As a group, equities analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal 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.