RFG Advisory LLC Invests $1.15 Million in Iamgold Corporation $IAG

RFG Advisory LLC purchased a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 72,357 shares of the mining company's stock, valued at approximately $1,146,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new position in Iamgold in the 2nd quarter worth about $12,969,000. PenderFund Capital Management Ltd. purchased a new position in shares of Iamgold during the second quarter worth approximately $471,000. BlackRock Inc. purchased a new position in shares of Iamgold during the second quarter worth approximately $350,145,000. Bank of America Corp DE raised its stake in shares of Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company's stock valued at $180,471,000 after acquiring an additional 434,188 shares in the last quarter. Finally, L1 Capital Pty Ltd raised its stake in shares of Iamgold by 961.5% during the fourth quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company's stock valued at $20,647,000 after acquiring an additional 1,134,119 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on IAG shares. Scotiabank increased their price objective on Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 12th. Jefferies Financial Group assumed 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. Wall Street Zen upgraded Iamgold from a "hold" rating to a "buy" rating in a report on Saturday, August 22nd. Royal Bank Of Canada lowered their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Finally, Bank of America dropped their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Two 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.33.

Iamgold Stock Performance

IAG stock opened at $20.27 on Friday. Iamgold Corporation has a one year low of $10.76 and a one year high of $24.87. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 1.08 and a beta of 1.40. 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 simple moving average of $17.52 and a two-hundred day simple moving average of $18.02.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The firm had revenue of $845.97 million during the quarter, compared to analysts' expectations of $882.92 million. On average, equities analysts forecast that Iamgold Corporation will post 1.91 EPS for the current fiscal year.

Iamgold Company Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold's principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.

Want to see what other hedge funds are holding IAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.