Public Employees Retirement System of Ohio Buys New Shares in Iamgold Corporation $IAG

Key Points

• Public Employees Retirement System of Ohio initiated a position in Iamgold, purchasing 233,649 shares valued at approximately $3.7 million. Institutional investors collectively own 47.08% of the company.
• Analysts maintain a generally positive outlook, with Iamgold carrying a consensus “Moderate Buy” rating and an average price target of $20.00, despite mixed target-price adjustments.
• Iamgold reported quarterly earnings of $0.42 per share, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Shares opened at $20.99, with a market capitalization near $12 billion.

Public Employees Retirement System of Ohio bought a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 233,649 shares of the mining company's stock, valued at approximately $3,699,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in shares of Iamgold in the 2nd quarter valued at about $26,000. Pin Oak Investment Advisors Inc. bought a new position in Iamgold during the fourth quarter worth about $30,000. Global Retirement Partners LLC acquired a new position in Iamgold during the fourth quarter worth approximately $33,000. Western Wealth Management LLC bought a new stake in Iamgold in the first quarter valued at approximately $43,000. Finally, Banque Cantonale Vaudoise lifted its position in shares of Iamgold by 617.8% in the fourth quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock valued at $49,000 after buying an additional 2,570 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IAG. Royal Bank Of Canada dropped their price target on Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Bank of America dropped their price objective on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Scotiabank increased their price target on shares of Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Iamgold from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.00.

Iamgold Trading Up 3.9%

Shares of Iamgold stock opened at $20.99 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a 50-day moving average of $17.01 and a 200-day moving average of $18.05. Iamgold Corporation has a 52-week low of $9.28 and a 52-week high of $24.87. The stock has a market cap of $11.99 billion, a PE ratio of 10.60, a PEG ratio of 1.07 and a beta of 1.40.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $845.97 million during the quarter, compared to analysts' expectations of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. As a group, sell-side analysts forecast that Iamgold Corporation will post 1.92 EPS for the current year.

Iamgold Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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