Royal Bank of Canada Raises Holdings in Iamgold Corporation $IAG

Key Points

• Royal Bank of Canada increased its Iamgold stake by 22.7% in the first quarter, adding 862,996 shares to hold 4.66 million shares valued at approximately $87.8 million.
• Institutional ownership remains substantial at 47.08%, with Rathbones Group, FIL, Vanguard, Bank of America and Ninety One also increasing their positions.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and a $19.00 price target, although several firms recently reduced their targets. Iamgold reported quarterly earnings of $0.66 per share, beating estimates of $0.52.

Royal Bank of Canada boosted its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 22.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,664,048 shares of the mining company's stock after purchasing an additional 862,996 shares during the period. Royal Bank of Canada owned about 0.81% of Iamgold worth $87,778,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Rathbones Group PLC increased its stake in shares of Iamgold by 1,037,042.8% in the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the period. FIL Ltd increased its position in shares of 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. raised its stake in shares of Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock valued at $393,328,000 after acquiring an additional 1,068,465 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Iamgold by 16.4% during the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock worth $144,745,000 after purchasing an additional 1,581,064 shares during the period. Finally, Ninety One UK Ltd grew its stake in shares of Iamgold by 22.3% in the fourth quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company's stock worth $84,835,000 after purchasing an additional 938,855 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

IAG has been the subject of a number of recent analyst reports. Wall Street Zen lowered Iamgold from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Scotiabank decreased their target price on Iamgold from $25.00 to $22.00 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. Bank of America dropped their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Weiss Ratings cut shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada reduced their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Iamgold Trading Down 2.8%

Shares of NYSE IAG opened at $14.15 on Friday. Iamgold Corporation has a 1 year low of $6.70 and a 1 year high of $24.87. The stock has a market cap of $8.13 billion, a P/E ratio of 8.23, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30. The firm has a 50-day moving average of $15.85 and a 200 day moving average of $18.15. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last announced its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.14. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. As a group, sell-side analysts expect that Iamgold Corporation will post 1.98 EPS for the current fiscal year.

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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