Quantbot Technologies LP Takes $1.20 Million Position in Iamgold Corporation $IAG

Key Points

• Quantbot Technologies LP purchased 75,413 Iamgold shares during the second quarter, establishing a position valued at approximately $1.20 million.
• Institutional ownership remains substantial at 47.08%, with major investors including FIL Ltd., Vanguard, BlackRock and Donald Smith & Co. increasing or initiating positions.
• Iamgold reported quarterly EPS of $0.42, matching analyst expectations, while revenue of $845.97 million fell short of the $882.92 million consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $20.00.

Quantbot Technologies LP purchased a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 75,413 shares of the mining company's stock, valued at approximately $1,195,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IAG. FIL Ltd lifted its holdings in Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock valued at $600,135,000 after acquiring an additional 20,134,496 shares during the period. Vanguard Group Inc. grew its stake in shares of Iamgold by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock worth $393,328,000 after purchasing an additional 1,068,465 shares during the period. BlackRock Inc. purchased a new position in shares of Iamgold in the 2nd quarter valued at about $350,145,000. Donald Smith & CO. Inc. purchased a new position in shares of Iamgold in the 2nd quarter valued at about $206,146,000. Finally, Bank of America Corp DE increased its holdings in shares of Iamgold by 16.4% in the 3rd quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock valued at $144,745,000 after purchasing an additional 1,581,064 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Iamgold Price Performance

Shares of NYSE IAG opened at $22.16 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The company's 50-day moving average price is $16.43 and its 200 day moving average price is $18.05. Iamgold Corporation has a 52 week low of $8.86 and a 52 week high of $24.87. The stock has a market cap of $12.72 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 1.16 and a beta of 1.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.42. The company 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, research analysts forecast that Iamgold Corporation will post 1.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Royal Bank Of Canada decreased their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Bank of America reduced their price target on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Jefferies Financial Group started coverage on Iamgold in a research note on Thursday, August 20th. They set a "buy" rating and a $24.00 price target on the stock. Scotiabank raised their price objective on Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Two investment 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.00.

About Iamgold

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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