Regal Partners Ltd Purchases Shares of 411,496 Iamgold Corporation $IAG

Key Points

• Regal Partners Ltd opened a new position in Iamgold, acquiring 411,496 shares worth about $5.32 million and owning roughly 0.07% of the company, while institutional investors collectively hold about 47.08% of the stock.
• Wall Street sentiment is broadly positive with a consensus "Buy" rating (2 Strong Buy, 6 Buy, 2 Hold) and an average price target of $17.75, supported by a recent quarterly EPS beat of $0.70 versus the $0.55 estimate.

Regal Partners Ltd acquired a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 411,496 shares of the mining company's stock, valued at approximately $5,321,000. Regal Partners Ltd owned 0.07% of Iamgold at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Tsfg LLC purchased a new stake in Iamgold in the third quarter valued at approximately $26,000. Banque Transatlantique SA purchased a new position in Iamgold during the second quarter worth approximately $26,000. Tableaux LLC acquired a new position in shares of Iamgold in the 2nd quarter valued at $61,000. Olympiad Research LP acquired a new position in shares of Iamgold in the 2nd quarter valued at $87,000. Finally, Stevens Capital Management LP purchased a new stake in shares of Iamgold during the 2nd quarter valued at $90,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on IAG shares. Scotiabank upped their price objective on Iamgold to $25.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 25th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. Wall Street Zen raised Iamgold from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 21st. Weiss Ratings restated a "buy (b)" rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, TD Securities restated a "buy" rating on shares of Iamgold in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $17.75.

Iamgold Price Performance

Iamgold stock opened at $21.74 on Friday. The firm has a fifty day moving average of $19.90 and a 200-day moving average of $15.33. Iamgold Corporation has a 52-week low of $5.02 and a 52-week high of $24.87. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $12.82 billion, a P/E ratio of 18.90, a PEG ratio of 1.73 and a beta of 1.33.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. As a group, analysts predict that Iamgold Corporation will post 0.67 EPS for the current year.

Insider Buying and Selling

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the firm's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at $657,400. This trade represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Iamgold Company 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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